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Stock picks of the day

April 24, 2006 07:40 IST

The market has had a smart opening but hasn't been able to sustain itself at higher levels and has ended the day mildly in negative territory. Capital Goods, Consumer Durables, FMCG, Pharma and Auto have ended positive in varying degrees while Banks, IT, Metals, Oil and PSU's have ended in negative territory. Volume registered a noticeable increase (read as turnover) while the undertone seemed positive.

Sensex (Daily)

Last Close - 12030.30 | Support - 12000, 11931 | Resistance - 12100, 12200

Trading Range - The Sensex opened at 12053.90, moved up to an intra-day high of 12102.00, declined to an intra-day low of 11860.35 and closed at 12030.30.

Review/Outlook - The Sensex has once again created history to post a fresh all time high but has also given a downward key reversal on the daily chart on higher volume which is a cause for some concern. The outlook continues to remain positive, as the bigger picture remains quite solid while the intra-day picture seems to have stagnated once again indicating the possibility of a range bound movement while intra-day action could come in above the 12102 or below the 11860 level.          

Ansal Infra. (Daily)

Last Close - 905.75 | Support - 900, 850 | Resistance - 950, 999

Trading Range - The scrip opened at 905.75, moved up to an intra-day high of 905.75, declined to an intra-day low of 869.80 and closed at 905.75.

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. 

Murud. Ceram. (Daily)

Last Close - 121.80 | Support - 117, 088 | Resistance - 131, 149

Trading Range - The scrip opened at 116.00, moved up to an intra-day high of 121.80, declined to an intra-day low of 115.65 and closed at 121.80.

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.

Millars India. (Daily)

Last Close - 049.50 | Support - 049, 039 | Resistance - 054, 066

Trading Range - The scrip opened at 044.95, moved up to an intra-day high of 049.50, declined to an intra-day low of 044.95 and closed at 049.50.

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. 

Rel. Ind. Infra. (Daily)

Last Close - 461.05 | Support - 415, 370 | Resistance - 484, 525 

Trading Range - The scrip opened at 461.05, moved up to an intra-day high of 461.05, declined to an intra-day low of 433.90 and closed at 461.05.

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.

Daily Stock Track

Scrip

Support

Last Close

Resistance

Trend

ACC

950, 900

961.55

1000, 1100

Up 

DR. REDDY

1466, 1400

1481.20

1500, 1589

Up

HLL

281, 266

284.80

295, 305

Up 

INFOSYS

3250, 3155

3296.20

3453, 3600

Up 

ITC

190, 180

200.05

210, 225

Sd

RIL

950, 900

974.30

1000, 1050

Up

SATYAM

770, 752

808.15

810, 830

Sd

SBI

900, 871

920.40

926, 950

Td

T MOTORS

950, 900

977.65

999, 1050

Sd

TISCO

605, 550

654.55

700, 800

Up 

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.

DISCLAIMER : While efforts have been made to ensure the accuracy of the information provided in this content, the authors shall not be held responsible for any loss, harm or injury arising in any manner whatsoever, including those arising directly, indirectly, consequentially or otherwise and whether financial, mental or otherwise, caused to any person whatsoever who accesses or uses or is supplied with the content (consisting of articles, information, analyses, etc.) provided at this site or who otherwise relies on such content. Readers are advised to cross verify the information and to also seek professional and expert advice before taking any decision based on the content provided above or acting on any recommendations made herein. The information or opinions provided herein are not a substitute for professional advice.

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

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Hemen Kapadia, Morpheus Inc