The market continued on its winning spree and has once again seen a positive closing. Banks remained under pressure, Textiles witnessed some amount of profit taking, PSUs cooled off a bit and pharma made some gains, but the surprise package of the day was the gains in infotech stocks. Volume dipped quite a bit, but the undertone was mixed.
Sensex -- Last Close -- 3206.38 | Support -- 3110, 3007 | Resistance -- 3210, 3320
Trading Range -- The Sensex opened at 3176.56, moved up to an intra-day high of 3220.14, declined to an intra-day low of 3170.38 and closed at 3206.38.
Review/Outlook -- The Sensex has continued its upmove which has seen another smart closing, this time above the 3200 level. A further upside cannot be ruled out while intra-day resistance comes in at the 3234 level.
BHEL -- Last Close -- 257.65 | Support -- 247, 234 | Resistance -- 268, 282
Trading Range -- The scrip opened at 258.50, moved up to an intra-day high of 260.00, declined to an intra-day low of 256.25 and closed at 257.65.
Review/Outlook -- The scrip looks to be in a distribution pattern and with the oscillators looking weak, a further downside seems possible.
Crompton Greaves -- Last Close -- 060.55 | Support -- 56, 50 | Resistance -- 064, 074
Trading Range -- The scrip opened at 063.90, moved up to an intra-day high of 063.90, declined to an intra-day low of 060.50 and closed at 060.55.
Review/Outlook -- The scrip has given a downward "bar" reversal (bearish intra-day pattern) and with the oscillators signalling a sell, a further downside cannot be ruled out.
HLL -- Last Close -- 158.45 | Support -- 155, 141 | Resistance -- 163, 172
Trading Range -- The scrip opened at 157.60, moved up to an intra-day high of 158.90, declined to an intra-day low of 156.20 and closed at 158.45.
Review/Outlook The scrip is in an intermediate uptrend and seems to have given a minor correction and with the oscillators looking positive, further appreciation seems to be on the cards.
L & T -- Last Close -- 226.50 | Support -- 221, 207 | Resistance -- 231, 249
Trading Range -- The scrip opened at 224.90, moved up to an intra-day high of 227.35, declined to an intra-day low of 224.50 and closed at 226.50.
Review/Outlook -- The scrip has reflected short-term strength by posting a 17-month high while a further upside seems to be on the cards.
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