The market has remained under some pressure while volume has shrunk a lot (indicating drying up at lower levels). Pharma witnessed crosscurrents while the banking sector added some lustre. The IT sector remained under pressure while the undertone remained hopeful.
Sensex -- Last Close: 2950.00 | Support: 2922, 2826 | Resistance: 3007, 3110
Trading Range -- The Sensex opened at 2953.12, moved up to an intra-day high of 2960.92, declined to an intra-day low of 2943.84 and closed at 2950.00.
Review/Outlook -- Though the Sensex has ended in negative territory the trading range has narrowed down because of support at lower levels. Due to gains in the overseas markets, a positive opening cannot be ruled out while the sustainability of such a move would be in doubt.
Bharat Forge -- Last Close: 287.30 | Support: 275, 263 | Resistance: 290, 312
Trading Range -- The scrip opened at 278.95, moved up to an intra-day high of 290.00, declined to an intra-day low of 278.00 and closed at 287.30.
Review/Outlook -- The scrip has reflected strength by moving up with a gap and has posted a 38 month high - a further upside seems possible.
Hindalco -- Last Close: 621.00 | Support: 614, 600 | Resistance: 634, 650
Trading Range -- The scrip opened at 624.00, moved up to an intra-day high of 624.00, declined to an intra-day low of 619.00 and closed at 621.00.
Review/Outlook -- The scrip has reflected weakness by giving a downward 'bar' reversal (bearish intra-day pattern), in the previous trading session and with the oscillators in a similar frame of mind, a further downside cannot be ruled out.
Hinduja TMT -- Last Close: 186.65 | Support: 181, 157 | Resistance: 205, 238
Trading Range -- The scrip opened at 184.50, moved up to an intra-day high of 188.90, declined to an intra-day low of 182.00 and closed at 186.65.
Review/Outlook -- The scrip has given an upward 'key' reversal (bullish intra-day pattern) after taking support on the 55 day average - further appreciation seems to be on the cards.
Tata Tea -- Last Close: 205.00 | Support: 199, 184 | Resistance: 212, 224
Trading Range -- The scrip opened at 209.90, moved up to an intra-day high of 211.60, declined to an intra-day low of 204.50 and closed at 205.00.
Review/Outlook -- The scrip has reflected weakness by giving a downward 'bar' reversal (bearish intra-day pattern) and with the oscillators supporting the move, a further downside cannot be ruled out.
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