BUSINESS

Electrosteel, Godrej hold promise

By Hemen Kapadia / Morpheus Inc in Mumbai
November 29, 2007 09:29 IST

The market has remained in a mixed state of mind, has come off its intra-day high and has finally ended the day in negative territory.

Banks, Consumer Durables, Capital Goods, IT, Realty Healthcare, Metals, Tech, FMCG, Oil & Psu's have ended negative in varying degrees while Auto has ended in positive territory. Volume registered a noticeable increase (read as turnover) while the undertone seemed better.

Sensex (Daily)

Last Close -- 18938.87; Support -- 18833, 18327 Resistance -- 19276, 19621

Trading Range: The Sensex opened at 19316.76, moved up to an intra-day high of 19316.76, declined to an intra-day low of 18884.20 and closed at 18938.87.

Review/Outlook: The Sensex has had a mixed trading session, has had a strong opening, has moved both ways, has received selling pressure at higher levels, has come off from its intra - day high and has finally ended in negative territory on clearly higher volume. Volatility can be the order of the day; an intra-day upside (seems like a distinct possibility) could come in above the 18959 level while resistance at higher levels (19206) -- would limit the upside. The outlook has turned bullish again while resistance comes in at the 20200+ level and support comes in at the 18833 level.

Agro Tech Food (Daily)

Last Close -- 203.00; Support -- 179, 156; Resistance -- 225, 275

Trading Range: The scrip opened at 170.00, moved up to an intra-day high of 203.00, declined to an intra-day low of 167.15 and closed at 203.00.

Review/Outlook: The scrip has reflected strength by appreciating from its intra-day low and with the indicators looking positive, a further upside seems to be on the cards.

Electrosteel (Daily)

Last Close -- 080.50; Support -- 073, 056; Resistance -- 088, 120

Trading Range: The scrip opened at 074.90, moved up to an intra-day high of 080.50, declined to an intra-day low of 073.50 and closed at 080.50.

Review/Outlook: The scrip has reflected strength by appreciating from its intra-day low and with the indicators looking positive, a further upside seems to be on the cards.

Godrej Ind (Daily)

Last Close -- 255.75; Support -- 239, 214; Resistance -- 279, 300

Trading Range: The scrip opened at 255.75, moved up to an intra-day high of 255.75, declined to an intra-day low of 251.00 and closed at 255.75.

Review/Outlook: The scrip has reflected strength by appreciating from its intra-day low and with the indicators looking positive, a further upside seems to be on the cards.

Shivvani Oil (Daily)

Last Close -- 480.95; Support -- 467, 429; Resistance -- 500, 550

Trading Range: The scrip opened at 475.00, moved up to an intra-day high of 497.80, declined to an intra-day low of 475.00 and closed at 480.95.

Review/Outlook: The scrip has reflected strength by appreciating from its intra-day low and with the indicators looking positive, a further upside seems to be on the cards.

Daily Stock Track

Scrip

Support

Last Close

Resistance

Trend

ACC

1025, 994

1075.25

1099, 1155

Tu

DR. REDDY

610, 579

612.65

645, 669

Sd

HUL

203, 192

208.70

216, 224

Sd

INFOSYS

1510, 1457

1569.55

1667, 1723

Os

ITC

180, 168

186.95

193, 213

Up

RIL

2724, 2682

2786.30

2805, 2929

Sd

SATYAM

406, 385

424.95

425, 443

Os

SBI

2180, 2050

2252.05

2279, 2331

Sd

T MOTORS

698, 670

720.50

722, 749

Sd

TISCO

762, 731

818.70

820, 858

Sd

GLOSSARY : CMP -- Current Market Price, MACD -- Moving Average Convergence Divergence, RMI -- Relative Momentum Index, RSI -- Relative Strength Index, ROC -- Rate of Change, EMA -- Exponential Moving Average, Cls -- Closing Price, Support -- Level where buying can be expected, Resistance -- Level where selling can be expected, Tu -- Turning Upwards, Td -- Turning Downwards, Sd -- Sideways, Up -- Uptrend, Dt -- Downtrend, Ob -- Overbought, Os - Oversold.

DISCLAIMER : While efforts have been made to ensure the accuracy of the information provided in this content, the authors shall not be held responsible for any loss, harm or injury arising in any manner whatsoever, including those arising directly, indirectly, consequentially or otherwise and whether financial, mental or otherwise, caused to any person whatsoever who accesses or uses or is supplied with the content (consisting of articles, information, analyses, etc.) provided at this site or who otherwise relies on such content. Readers are advised to cross verify the information and to also seek professional and expert advice before taking any decision based on the content provided above or acting on any recommendations made herein. The information or opinions provided herein are not a substitute for professional advice.

Sebi Disclosure: The author is an active market participant and could not only be having positions but could even be having contrary positions in the stocks mentioned above.

Hemen Kapadia / Morpheus Inc in Mumbai

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