The market has back-pedalled and this too has seen wider participation across sectors. Second rung bank stocks and textile stocks took a hit but the star of the day (in reverse sense) was undoubtedly the IT sector, which came under severe pressure. Volume was better while the undertone was subdued.
Sensex -- Last Close: 3043.89 | Support: 3007, 2922 | Resistance: 3110, 3210
Trading Range -- The Sensex opened at 3063.14, moved up to an intra-day high of 3082.21, declined to an intra-day low of 3039.93 and closed at 3043.89.
Review/Outlook -- The Sensex has given a downward "key" reversal (bearish intra-day pattern) on higher volume thereby heightening the probability of a further downside today below the 3039 level. Intra-day support comes in at the 3031 level.
Burroughs Wellcome -- Last Close: 286.00 | Support: 266, 240 | Resistance: 300, 315
Trading Range -- The scrip opened at 280.00, moved up to an intra-day high of 286.00, declined to an intra-day low of 267.00 and closed at 286.00.
Review/Outlook -- The scrip has shown short term strength by giving an upward "bar" reversal (bullish intra-day pattern) and with the oscillators looking positive, a further upside seems possible.
HCL Infosystems -- Last Close: 95.75 | Support: 93, 86 | Resistance: 102, 113
Trading Range -- The scrip opened at 100.95, moved up to an intra-day high of 102.10, declined to an intra-day low of 095.00 and closed at 095.75.
Review/Outlook -- The scrip has given a downward "key" reversal (bearish intra-day pattern) and with the mechanical indicators supporting the move, a further downside cannot be ruled out.
Ranbaxy -- Last Close: 638.55 | Support: 636, 620 | Resistance: 650, 671
Trading Range -- The scrip opened at 644.90, moved up to an intra-day high of 644.90, declined to an intra-day low of 637.60 and closed at 638.55.
Review/Outlook -- The scrip has reflected weakness by slipping below the 55 day average and with the oscillators in a similar vein, further depreciation seems to be on the cards.
Shipping Corporation -- Last Close: 67.35 | Support: 65, 56 | Resistance: 73, 84
Trading Range -- The scrip opened at 70.90, moved up to an intra-day high of 70.90, declined to an intra-day low of 67.00 and closed at 67.35.
Review/Outlook -- The scrip has reflected weakness by forming a lower top, lower bottom formation - a further downside cannot be ruled out.
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