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Stock picks of the day

May 10, 2006 10:39 IST

The market has been able to hold on to its early gains to end the day smartly in positive territory. Capital Goods, Banks, Consumer Durables, Auto, PSU, Metals, IT and Oil have ended positive in varying degrees while Pharma and FMCG have ended in negative territory. Volume registered a noticeable increase (read as turnover) while the undertone seemed bullish.

Sensex (Daily)

Last Close - 12513.86 | Support - 12500, 12400 | Resistance - 12600, 12700

Trading Range - The Sensex opened at 12488.38, moved up to an intra-day high of 12546.47, declined to an intra-day low of 12356.04 and closed at 12513.86.

Review/Outlook - The Sensex has once again created history to not only post a fresh all time high but has also given an all time high closing on distinctly higher volume.  The outlook continues to remain positive, as the bigger picture remains quite solid while the intra-day picture has also staged a smart comeback indicating the possibility of an intra-day upside especially above the 12547 level.       

Kirl. Ferrous. (Daily)

Last Close - 068.80 | Support - 067, 053 | Resistance - 078, 100

Trading Range - The scrip opened at 063.25, moved up to an intra-day high of 068.80, declined to an intra-day low of 060.10 and closed at 068.80.

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. 

Asian Elect. (Daily)

Last Close - 526.30 | Support - 498, 452 | Resistance - 550, 575

Trading Range - The scrip opened at 504.70, moved up to an intra-day high of 526.20, declined to an intra-day low of 500.00 and closed at 526.20.

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.

Pun. Alkalies. (Daily)

Last Close - 053.70 | Support - 050, 032 | Resistance - 059, 084

Trading Range - The scrip opened at 045.50, moved up to an intra-day high of 053.70, declined to an intra-day low of 045.50 and closed at 053.70.

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. 

Jayshree Tea (Daily)

Last Close - 179.85 | Support - 175, 144 | Resistance - 184, 220 

Trading Range - The scrip opened at 166.00, moved up to an intra-day high of 179.85, declined to an intra-day low of 162.20 and closed at 179.85.

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

1000, 950

1001.00

1050, 1100

Tu 

DR. REDDY

1600, 1500

1645.20

1700, 1800

Tu

HLL

266, 252

279.30

281, 295

Tu 

INFOSYS

3155, 3074

3238.75

3250, 3543

Tu

ITC

190, 180

200.05

210, 225

Tu

RIL

1100, 1000

1154.95

1200, 1300

Up

SATYAM

770, 752

808.15

810, 830

Sd

SBI

950, 926

975.05

1000, 1050

Tu

T MOTORS

950, 900

977.65

999, 1050

Tu

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.

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

Hemen Kapadia, Morpheus Inc