Stock picks of the day

The market has had a volatile trading session to basically remain under pressure from open to close and has finally ended the day sharply in negative territory. Consumer Durables, Banks, Auto, Pharma, PSU, Capital Goods, IT, Oil, FMCG and Metals 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 subdued.

Sensex (Daily)

Last Close - 10509.53 | Support - 10424, 10305 | Resistance - 10556, 10662

Trading Range - The Sensex opened at 10813.75, moved up to an intra-day high of 10887.67, declined to an intra-day low of 10440.02 and closed at 10509.53.

Review/Outlook - The Sensex has reflected significant amount of weakness by giving a downward bar reversal on significantly higher volume and has also closed below the 55 Day EMA which comes in at 10559.54. The outlook has come under pressure again and despite the extreme volatility, a range bound movement cannot be ruled out while an intra-day upside could come in only above the 10888 level while an intra-day downside could come in only below the 10440 level.                                    

Kesoram Ind. (Daily)

Last Close - 243.70 | Support - 226, 200 | Resistance - 252, 290

Trading Range - The scrip opened at 239.40, moved up to an intra-day high of 243.70, declined to an intra-day low of 239.00 and closed at 243.70.

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. 

Siyaram Silk. (Daily)

Last Close - 385.90 | Support - 376, 349 | Resistance - 405, 437

Trading Range - The scrip opened at 366.95, moved up to an intra-day high of 385.90, declined to an intra-day low of 362.40 and closed at 385.90.

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.      

Steel Strips. (Daily)

Last Close - 117.55 | Support - 114, 091 | Resistance - 130, 159

Trading Range - The scrip opened at 111.25, moved up to an intra-day high of 118.70, declined to an intra-day low of 110.05 and closed at 117.55.

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.      

Srinivasa Shipp. (Daily)

Last Close - 239.45 | Support - 231, 198 | Resistance - 282, 353 

Trading Range - The scrip opened at 215.00, moved up to an intra-day high of 239.45, declined to an intra-day low of 215.10 and closed at 239.45.

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.

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.