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Stock picks of the day

June 05, 2006 11:08 IST

The market has staged a Houdini act from lower levels and has ended the day clearly in positive territory. Banks, Capital Goods, Auto, Metals, PSU's, FMCG, Pharma, Oil, Consumer Durables and IT have ended positive in varying degrees while no sector has ended in negative territory. Volume registered a noticeable increase (read as turnover) while the undertone seemed hopeful.

Sensex (Daily)

Last Close - 10451.33 | Support - 10424, 10305 | Resistance - 10556, 10662

Trading Range - The Sensex opened at 10104.57, moved up to an intra-day high of 10477.35, declined to an intra-day low of 10011.45 and closed at 10451.33.

Review/Outlook - The Sensex has reflected some surprising resilience despite posting a 9 trading session low and has recovered smartly from lower levels to end sharply in positive territory on clearly higher volume.  The outlook remains hazy and despite the extreme volatility, a further intra-day upside especially above the 10478 level cannot be ruled out.        

Atul Auto (Daily)

Last Close - 116.80 | Support - 106, 072 | Resistance - 140, 164

Trading Range - The scrip opened at 102.15, moved up to an intra-day high of 117.50, declined to an intra-day low of 102.15 and closed at 116.80.

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. 

Rajesh Exports. (Daily)

Last Close - 246.75 | Support - 243, 197 | Resistance - 260, 310

Trading Range - The scrip opened at 239.90, moved up to an intra-day high of 247.20, declined to an intra-day low of 224.20 and closed at 246.75.

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

Rohit Ferro. (Daily)

Last Close - 050.85 | Support - 046, 029 | Resistance - 058, 073

Trading Range - The scrip opened at 047.90, moved up to an intra-day high of 050.85, declined to an intra-day low of 046.40 and closed at 050.85.

Review/Outlook - The scrip has reflected weakness by declining from its intra-day high and with the indicators looking negative, a further downside seems to be on the cards.   

DCM Sh. Cons. (Daily)

Last Close - 095.25 | Support - 092, 073 | Resistance - 099, 121 

Trading Range - The scrip opened at 094.00, moved up to an intra-day high of 096.15, declined to an intra-day low of 088.00 and closed at 095.25.

Review/Outlook - The scrip has reflected weakness by declining from its intra-day high and with the indicators looking negative, a further downside seems to be on the cards.

Daily Stock Track

Scrip

Support

Last Close

Resistance

Trend

ACC

750, 700

786.15

800, 850

Td 

DR. REDDY

1282, 1225

1340.15

1342, 1400

Td

HLL

240, 224

241.75

252, 266

Td

INFOSYS

2813, 2769

2886.25

2938, 3074

Td

ITC

155, 144

164.40

168, 180

Td

RIL

949, 897

957.35

1000, 1041

Td

SATYAM

649, 616

668.30

678, 705

Td

SBI

830, 809

838.55

850, 871

Td

T MOTORS

771, 749

789.00

811, 849

Td

TISCO

500, 466

517.60

550, 605

Td

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.

Hemen Kapadia, Morpheus Inc