The market has staged a smart turnaround from its intra-day lows, while the second rung bank stocks and textile stocks also recovered in tandem. Infotech scrips staged a tentative recovery, while volume was normal and undertone hopeful.
Sensex -- Last Close -- 3062.92 | Support -- 3007, 2922 | Resistance -- 3110, 3210
Trading Range -- The Sensex opened at 3032.85, moved up to an intra-day high of 3066.29, declined to an intra-day low of 3025.20 and closed at 3062.92.
Review/Outlook -- The Sensex has recovered after a weak opening to give an upward "key" reversal (bullish intra-day pattern) thereby heightening the probability of a further upside today above the 3067 level. Intra-day resistance comes in at the 3100 level.
Arvind Mills -- Last Close -- 036.70 | Support -- 035, 028 Resistance -- 041, 050
Trading Range -- The scrip opened at 032.50, moved up to an intra-day high of 037.10, declined to an intra-day low of 032.50 and closed at 036.70.
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.
SBI -- Last Close -- 321.25 | Support -- 314, 293 | Resistance -- 333, 358
Trading Range -- The scrip opened at 316.10, moved up to an intra-day high of 322.40, declined to an intra-day low of 312.65 and closed at 321.25.
Review/Outlook -- The scrip has given an upward "key" reversal (bullish intra-day pattern) and with the mechanical indicators supporting the move, a further upside cannot be ruled out.
Sterlite Opticals - Last Close -- 032.35 | Support -- 030, 27.10 | Resistance -- 33.65, 38.45
Trading Range -- The scrip opened at 032.05, moved up to an intra-day high of 032.65, declined to an intra-day low of 031.25 and closed at 032.35.
Review/Outlook -- The scrip has given an upward "key" reversal (bullish intra-day pattern) after taking support on the 10 day average and with the oscillators in a similar vein, further appreciation seems to be on the cards.
Telco - Last Close -- 163.25 | Support -- 148, 135 Resistance | -- 168, 186
Trading Range -- The scrip opened at 159.20, moved up to an intra-day high of 163.85, declined to an intra-day low of 169.20 and closed at 163.25.
Review/Outlook -- The scrip has reflected strength after a 25-week consolidation by closing above its intra-day resistance of 163 - a further upside cannot be ruled out.
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