Wednesday was another lacklustre day for trading with some cross currents while volume continued to be miserable. The old economy stocks staged a comeback of sorts while the IT sector took a beating the undertone appeared marginally better.
Sensex -- Last Close: 2959.79 | Support: 2922, 2826 | Resistance: 3007, 3110
Trading Range -- The Sensex opened at 2942.42, moved up to an intra-day high of 2962.40, declined to an intra-day low of 2942.42 and closed at 2959.79.
Review/Outlook -- The Sensex has recovered smartly from its intra-day lows to end in positive territory. The intra-day charts seem to suggest further appreciation but this can be expected only above the 2962 level.
ACC -- Last Close: 130.90 | Support: 127, 115 | Resistance: 135, 143
Trading Range -- The scrip opened at 130.00, moved up to an intra-day high of 131.70, declined to an intra-day low of 128.75 and closed at 130.90.
Review/Outlook -- The scrip has given an upward 'bar' reversal (reflecting intra-day strength) while an intra-day upside seems possible.
Tisco -- Last Close: 132.20 | Support: 131, 125 | Resistance: 139, 150
Trading Range -- The scrip opened at 131.00, moved up to an intra-day high of 132.55, declined to an intra-day low of 130.15 and closed at 132.20.
Review/Outlook -- The scrip has formed a bullish intra-day pattern and with the oscillators perking up, further progress seems possible.
Zee -- Last Close: 76.85 | Support: 71, 55 | Resistance: 85, 106
Trading Range -- The scrip opened at 072.70, moved up to an intra-day high of 074.45, declined to an intra-day low of 072.70 and closed at 076.85.
Review/Outlook -- The scrip has given an upward breakout from its trading range and with the oscillators also in a positive frame of mind, further appreciation seems to be on the cards.
L&T -- Last Close: 200.60 | Support: 190, 168 | Resistance: 207, 221
Trading Range -- The scrip opened at 196.00, moved up to an intra-day high of 201.00, declined to an intra-day low of 194.50 and closed at 200.60.
Review/Outlook -- The scrip is in the midst of a short-term uptrend while a further upside seems like a distinct possibility.
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