Stock picks of the day

The market has had a volatile trading session to basically decline from higher levels and has finally ended the day in negative territory. Banks, FMCG, Pharma, Metals, Consumer Durables, Auto, PSU, Capital Goods, IT and Oil have ended negative in varying degrees while no sector has ended in positive territory. Volume registered a sharp decrease (read as turnover) while the undertone seemed subdued.

Sensex (Daily)

Last Close - 10678.22 | Support - 10662, 10556 | Resistance - 10740, 10884

Trading Range - The Sensex opened at 10782.98, moved up to an intra-day high of 10782.98, declined to an intra-day low of 10563.76 and closed at 10678.22.

Review/Outlook - The Sensex has reflected some amount of weakness by breaching the previous trading session's low but despite the fall, the downside has been limited and it has come off from its intra-day lows due to strong support from the 55 Day EMA which is currently placed at 10591.98. The outlook seems to be entering a sideways movement and despite the extreme volatility, a range bound movement cannot be ruled out while an intra-day upside could come in above the 10783 level while intra-day resistance comes in at the 10720 level.

Shaw Wallace (Daily)

Last Close - 127.80 | Support - 121, 092 | Resistance - 140, 173

Trading Range -The scrip opened at 123.80, moved up to an intra-day high of 130.55, declined to an intra-day low of 121.15 and closed at 127.80.

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. 

Madras Alum. (Daily)

Last Close - 342.95 | Support - 296, 279 | Resistance - 370, 475

Trading Range - The scrip opened at 345.10, moved up to an intra-day high of 349.00, declined to an intra-day low of 321.00 and closed at 342.95.

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.      

Eimco Elecon. (Daily)

Last Close - 281.95 | Support - 274, 237 | Resistance - 332, 380

Trading Range - The scrip opened at 272.00, moved up to an intra-day high of 281.95, declined to an intra-day low of 261.10 and closed at 281.95.

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.      

Opto Circuit. (Daily)

Last Close - 391.85 | Support - 362, 303 | Resistance - 394, 469 

Trading Range - The scrip opened at 376.40, moved up to an intra-day high of 395.00, declined to an intra-day low of 364.00 and closed at 391.85.

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.

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.

Do you want to discuss stock tips? Do you know a hot one? Join the Stock Market Investments Discussion Group