Friday was a mixed day with IT stocks managing to hold their ground while stocks like Reliance and the oil PSUs chipped in with declines. The undertone remains weak while scrip specific movements could be the order of the day.
Sensex -- Last Close: 2924.03 | Support: 2922, 2826 | Resistance: 3007, 3110
Trading Range - The Sensex opened at 2935.08, moved up to an intra-day high of 2937.59, declined to an intra-day low of 2908.29 and closed at 2924.00.
Review/Outlook - The Sensex has recovered after posting another low and has just managed to closed above its support level of 2922. Despite the apparent weakness, a minor intra-day upside cannot be ruled out.
BHEL -- Last Close: 226.25 | Support: 221, 208 | Resistance: 234, 247
Trading Range - The scrip opened at 231.20, moved up to an intra-day high of 231.20, declined to an intra-day low of 223.95 and closed at 226.25.
Review/Outlook - The scrip seems to have completed a distribution pattern and with the oscillators reflecting negative divergence, a further downside cannot be ruled out.
Raymonds -- Last Close: 94.05 | Support: 92, 83 | Resistance: 100, 111
Trading Range - The scrip opened at 093.45, moved up to an intra-day high of 094.90, declined to an intra-day low of 091.50 and closed at 094.05.
Review/Outlook - The scrip has made a good base on the daily chart besides closing above the 10 and 55 day averages, indicating the probability of a short term upside.
State Bank of India -- Last Close: 279.55 | Support: 276, 267 | Resistance: 286, 293
Trading Range - The scrip opened at 288.00, moved up to an intra-day high of 288.00, declined to an intra-day low of 277.70 and closed at 279.55.
Review/Outlook - The scrip has breached the previous 2 weeks' lows, closed below the 10 and 55 day averages while the oscillators have signalling a sell, indicating the possibility of a further downside.
Siemens -- Last Close: 293.70 | Support: 284, 275 | Resistance: 296, 305
Trading Range - The scrip opened at 290.00, moved up to an intra-day high of 294.00, declined to an intra-day low of 289.25 and closed at 293.70.
Review/Outlook - The scrip has formed a bullish intra-day pattern and with the oscillators reflecting positive signs, a further upside seems like a distinct possibility.
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