FEBRUARY 1: The stochastic indicator in the Sensex daily chart has signalleda buy. The index closed at 5216, two points lower than its opening. Itopened higher than the previous day's close of 5205, at 5218 and posted anintra-day high of 5233. Day-over-day, it has gained 10 points. The number ofscrips at BSE has gone up by 25 per cent and the volume in advance has morethan doubled both at the BSE and NSE.The broad market has stabilised more than what is indicated by the Sensex.Tisco appears to have found its bottom. State Bank of India has a goodchance of firming up. Rs 340 is the resistance for Reliance Industries. NIITappears to be undergoing slow accumulation. MTNL has now a question markover the stability it had built over the past four sessions. Mahindra &Mahindra too falls in the same category. After today's trading, ITC'sfighting power has improved.
At Infy, volumes are low and therefore its narrow range of movement has tobe taken with caution. ICICI has turned vibrant once more. Hindalco couldnot help Sensex. HLL has a support at Rs2222. Ambuja is hesitant butfirm.
Grasim has now acquired weakness. Colgate could recover. Amara Raja hasreversed but volumes are limited. BASF India has a resistance at Rs 132. Itcould rise further if it crosses this level. Bata India would now trace arecovery. The long slide in Bausch & Lomb appears to have ended. Hold on toBPL as it is stabilising. It is time to get back to Cipla. Crompton Greavescould now move up. Long-term investors could now log into EIH. The currentdownslide in the market has given opportunity for several scrips to testtheir bottom. Chances of recovery are looking promising in a number ofscrips. This is because market men have not let them go down further, buthave supported them.
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