Stock picks for the day

The market has run into selling pressure at higher levels to end just about barely in positive territory. Banks, capital goods, FMCG, IT, sector have all ended positive in varying degrees, while consumer durables, pharma and the PSU sector have ended in negative territory.

Volume registered an increase (read as turnover) while the undertone seemed mixed.

Sensex (Daily)

Last Close – 8961.61; Support – 8960, 8822: Resistance – 9034, 9100

Trading Range The Sensex opened at 9010.58, moved up to an intra-day high of 9057.97, declined to an intra-day low of 8943.70 and closed at 8961.61.

Review/Outlook The Sensex seems to be making heavy weather of the 9000 level and has just about ended in positive territory while an intra-day decline below the 8943 level cannot be ruled out. The outlook is cautiously optimistic and despite four attempts, the Sensex hasn't been able to close above the 9000 level.

Rane Engine (Daily)

Last Close – 445.35; Support – 430, 410; Resistance – 497, 600

Trading Range The scrip opened at 411.90, moved up to an intra-day high of 445.35, declined to an intra-day low of 410.00 and closed at 445.35.

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.

Manugraph Ind (Daily)

Last Close – 198.50; Support – 180, 150; Resistance – 200, 250

Trading Range The scrip opened at 193.90, moved up to an intra-day high of 198.50, declined to an intra-day low of 192.20 and closed at 198.50.

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 – 109.00; Support – 099, 094; Resistance – 111, 127

Trading Range The scrip opened at 106.05, moved up to an intra-day high of 109.00, declined to an intra-day low of 106.05 and closed at 109.00.

Review/Outlook The scrip has reflected strength by appreciating with an upward gap and with the indicators looking positive, a further upside seems to be on the cards.

Champagne Ind (Daily)

Last Close – 350.80; Support – 310, 279; Resistance – 354, 402

Trading Range The scrip opened at 340.00, moved up to an intra-day high of 350.80, declined to an intra-day low of 340.00 and closed at 350.80.

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.