The market has staged another U turn after being unable to sustain itself at higher levels to end in negative territory. Banks, Pharma, FMCG, Consumer Durables, IT, PSU's and Capital Goods all ended negative in varying degrees. Volume registered a decrease (read as turnover) while the undertone was subdued.
Sensex -- Last Close -- 4151.72 -- Support -- 4028, 3895 -- Resistance -- 4166, 4328
Trading Range -- The Sensex opened at 4230.91, moved up to an intra-day high of 4237.42, declined to an intra-day low of 4141.80 and closed at 4151.72.
Review/Outlook -- The Sensex has reflected minor weakness by giving a downward "key" reversal (bearish intra-day pattern) and is expected to depreciate further in intra-day movements while the low volume yesterday seems to suggest slightly choppy waters.
Ranbaxy -- Last Close -- 936.50 -- Support -- 925, 865 -- Resistance -- 1000, 1100
Trading Range -- The scrip opened at 988.00, moved up to an intra-day high of 990.00, declined to an intra-day low of 933.50 and closed at 936.50.
Review/Outlook -- The scrip has reflected short-term weakness by closing below the 10 day average and with the indicators looking negative, a further downside seems to be on the cards.
BEL -- Last Close -- 439.75 -- Support -- 422, 395 -- Resistance -- 455, 493
Trading Range -- The scrip opened at 448.80, moved up to an intra-day high of 457.00, declined to an intra-day low of 436.00 and closed at 439.75.
Review/Outlook -- The scrip has reflected intra-day weakness by giving a downward "key" reversal (bearish intra-day pattern) and with the indicators looking negative, a further downside seems to be on the cards.
Polaris Software -- Last Close -- 129.50 -- Support -- 117, 080 -- Resistance -- 145, 163
Trading Range -- The scrip opened at 131.10, moved up to an intra-day high of 134.00, declined to an intra-day low of 128.15 and closed at 129.50.
Review/Outlook -- The scrip has reflected intra-day weakness by giving a downward "key" reversal (bearish intra-day pattern) and with the indicators looking negative, a further downside seems to be on the cards.
RIL -- Last Close -- 402.90 -- Support -- 374, 345 -- Resistance -- 407, 452
Trading Range -- The scrip opened at 407.80, moved up to an intra-day high of 409.80, declined to an intra-day low of 400.00 and closed at 402.90.
Review/Outlook -- The scrip has reflected intra-day weakness by giving a downward 'key' reversal (bearish intra-day pattern) and with the indicators looking negative, a further downside seems to be on the cards.
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