Stock picks of the day

The market has staged a brilliant recovery to move up virtually from open to close to end sharply in positive territory. Banks, capital goods, FMCG, IT, consumer durables, pharma and the PSU sectors have all ended positive in varying degrees while no sector has ended in negative territory.

Volume registered a decrease (read as turnover) while the undertone seemed bullish.

Sensex (Daily) Last Close: 8944.78; Support: 8822, 8726; Resistance: 8960, 9034

Trading Range: The Sensex opened at 8813.82, moved up to an intra-day high of 8960.11, declined to an intra-day low of 8769.56 and closed at 8944.78.

Review/Outlook: The Sensex's has staged a startling recovery on decent volume and has reflected some amount of strength by not breaching the previous trading session's low to end sharply in positive territory. The outlook is cautiously optimistic and despite three attempts, the Sensex hasn't been able to close above the 9000 level.

Rane Engine (Daily) Last Close: 404.90;Support: 388, 365; Resistance: 410, 430

Trading Range: The scrip opened at 380.00, moved up to an intra-day high of 404.90, declined to an intra-day low of 375.00 and closed at 404.90.

Review/Outlook: The scrip has reflected strength by moving up virtually from open to close and with the indicators looking positive, a further upside seems to be on the cards.

Hind Rectifier (Daily) Last Close: 412.30; Support: 400, 374; Resistance: 437, 478

Trading Range: The scrip opened at 398.80, moved up to an intra-day high of 412.30, declined to an intra-day low of 395.00 and closed at 412.30.

Review/Outlook: The scrip has reflected strength by recovering from its intra-day low and with the indicators looking positive, a further upside seems to be on the cards.

Shriram Invest (Daily) Last Close: 103.85; Support: 099, 094; Resistance: 111, 127

Trading Range: The scrip opened at 102.00, moved up to an intra-day high of 103.85, declined to an intra-day low of 100.25 and closed at 103.85.

Review/Outlook: The scrip has reflected strength by recovering from its intra-day low and with the indicators looking positive, a further upside seems to be on the cards.

Champagne Ind (Daily) Last Close: 334.10; Support: 310, 279; Resistance: 354, 402

Trading Range: The scrip opened at 319.85, moved up to an intra-day high of 334.10, declined to an intra-day low of 309.00 and closed at 334.10.

Review/Outlook: The scrip has reflected strength by recovering from its intra-day low and with the indicators looking positive, a further upside seems to be on the cards.

Daily Stock Track

GLOSSARY: CMP: Current Market Price, MACD: Moving Average Convergence Divergence, RMI: Relative Momentum Index, RSI: Relative Strength Index, ROC: Rate of Change, EMA: Exponential Moving Average, Cls: Closing Price, Support: Level where buying can be expected, Resistance: Level where selling can be expected, Tu: Turning Upwards, Td: Turning Downwards, Sd: Sideways, Up: Uptrend, Dt: Downtrend, Ob: Overbought, Os - Oversold.

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Sebi Disclosure: The author is an active market participant and could be having positions in the stocks mentioned above.