Stock picks for today

The market has been in the midst of a precipitous fall to end the day sharply in negative territory. Capital Goods, Banks, Auto, Pharma, FMCG, Consumer Durables, PSU, Metals, IT and Oil have ended negative in varying degrees while no sector has ended in positive territory.

Volume registered a noticeable increase (read as turnover) while the undertone seemed panicky.

Sensex (Daily)

Last Close -- 11822.20; Support -- 11707, 11618; Resistance -- 11826, 11931

Trading Range: The Sensex opened at 12272.64, moved up to an intra-day high of 12272.64, declined to an intra-day low of 11770.76 and closed at 11822.20.

Review/Outlook: The Sensex has reflected a significant amount of weakness by virtually collapsing from an intra-day point of view and this time around on clearly higher volume to end sharply in negative territory.

The outlook continues to remain positive, as the bigger picture remains quite solid, the intra-day picture has been battered beyond recognition while the possibility of an intra-day downside especially below the 11770 level cannot be ruled out but strong support at lower levels would suggest a late recovery.

Godrej Ind. (Daily)

Last Close -- 785.20; Support -- 750, 700; Resistance -- 800, 850

Trading Range: The scrip opened at 780.00, moved up to an intra-day high of 785.20, declined to an intra-day low of 750.00 and closed at 785.20.

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.

Binani Ind. (Daily)

Last Close -- 234.40; Support -- 200, 162; Resistance -- 250, 300

Trading Range: The scrip opened at 216.50, moved up to an intra-day high of 234.40, declined to an intra-day low of 216.00 and closed at 234.40.

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.

Ansal Hous. (Daily)

Last Close -- 476.10; Support -- 450, 400; Resistance -- 500, 550

Trading Range: The scrip opened at 480.35, moved up to an intra-day high of 480.35, declined to an intra-day low of 438.00 and closed at 476.10.

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.

Zenith Info. (Daily)

Last Close -- 270.55; Support -- 250, 200; Resistance -- 300, 350

Trading Range: The scrip opened at 264.95, moved up to an intra-day high of 270.55, declined to an intra-day low of 262.50 and closed at 270.55.

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

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.