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Trading strategy for December 2, 2002

Hemen Kapadia/Morpheus Inc

Sensex
Last Close: 3228.82
Support: 3210, 3110
Resistance: 3320, 3400

Trading Range: The Sensex opened at 3224.98, moved up to an intra-day high of 3245.98, declined to an intra-day low of 3195.60 and closed at 3228.82.

Review/Outlook: The Sensex has posted another new high besides giving an intra-day correction. It is expected to appreciate further once it goes above the 3246 level.

ICICI Bank
Last Close: 133.45
Support: 131, 118
Resistance: 140, 152

Trading Range: The scrip opened at 133.45, moved up to an intra-day high of 135.00, declined to an intra-day low of 132.60 and closed at 133.45.

Review/Outlook: The scrip has retraced its recent rise by 38.2%, indicating a limited downside from here. ICICI Bank is setting itself up for a take off on the upside.

Digital Global

Last Close: 597.15
Support: 572, 550
Resistance: 606, 656

Trading Range: The scrip opened at 608.00, moved up to an intra-day high of 608.00, declined to an intra-day low of 593.10 and closed at 597.15.

Review/Outlook: The scrip had stopped to catch its breath for the last few trading sessions after a scintillating rally, and now seems set for a resumption of its upmove once it crosses the 615 level.

Pentamedia Graphics
Last Close: 25.55
Support: 25, 22
Resistance: 28, 30

Trading Range: The scrip opened at 024.50, moved up to an intra-day high of 025.90, declined to an intra-day low of 023.50 and closed at 025.55.

Review/Outlook: The scrip has finished a small sideways movement (read as correction) and has launched itself into another rally (short term) while further progress is just a formality.

RIL
Last Close: 287.95
Support: 269, 242
Resistance: 298, 324

Trading Range: The scrip opened at 292.00, moved up to an intra-day high of 294.85, declined to an intra-day low of 284.00 and closed at 287.95.

Review/Outlook: The scrip is in a small sideways correction for the past 4 trading sessions and seems to be readying itself up for an upward thrust. It is expected to gather momentum once it goes above 295 level.

Stock Track

Scrip Support Last Close Resistance Trend ACC 153, 148 163.55 165, 175 Up HLL 172, 163 172.15 183, 193 Up INFOSYS 4360, 3977 4557.40 4816, 5600 Tu ITC 592, 541 635.80 665, 729 Tu MTNL 103, 95 103.30 115, 124 Tu RIL 269, 242 287.95 298, 324 Up SATYAM 253, 224 275.25 301, 345 Tu SBI 258, 248 262.70 276, 299 Up TELCO 166, 148 169.35 186, 199 Tu TISCO 139, 131 139.55 150, 166 Up 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, CMP - Current Market Price, 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. 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.

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