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Stock picks of the day

August 21, 2006 09:26 IST

The market has had a volatile trading session to basically come off its intra-day high and has finally ended the day in negative territory. Consumer Durables, FMCG, IT, Auto, PSU's, Oil & Pharma have ended positive in varying degrees while Banks, Capital Goods & Metals have ended in negative territory. Volume registered a noticeable increase (read as turnover) while the undertone seemed mixed.

Sensex (Daily)

Last Close - 11465.72 | Support - 11453, 11356 | Resistance - 11536, 11618

Trading Range - The Sensex opened at 11498.51, moved up to an intra-day high of 11508.17, declined to an intra-day low of 11409.11 and closed at 11465.72.

Review/Outlook - The Sensex has faced alternate bouts of both, buying & selling and has come off its intra-day high to just about end in negative territory on noticeably lower volume and has managed to close above the 11000 level for the eighth trading session in a row. The outlook seems to be improving and despite the extreme volatility, a range bound movement cannot be ruled out while the intra-day charts seem rather hazy and an upside could come in only above the 11509 level - the sanctity of the 11330 level needs to be maintained at all times.                

Vardh. Hold. (Daily)

Last Close - 412.70 | Support - 393, 339 | Resistance - 455, 505

Trading Range - The scrip opened at 395.00, moved up to an intra-day high of 412.70, declined to an intra-day low of 395.00 and closed at 412.70.

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. 

GVK Power. (Daily)

Last Close - 189.65 | Support - 180, 152 | Resistance - 220, 279

Trading Range - The scrip opened at 173.90, moved up to an intra-day high of 189.65, declined to an intra-day low of 170.00 and closed at 189.65.

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.        

KLG Systel. (Daily)

Last Close - 178.20 | Support - 150, 121 | Resistance - 190, 253

Trading Range - The scrip opened at 172.30, moved up to an intra-day high of 178.20, declined to an intra-day low of 170.50 and closed at 178.20.

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.       

Manugraph Ind. (Daily)

Last Close - 212.65 | Support - 200, 176 | Resistance - 244, 300 

Trading Range - The scrip opened at 197.00, moved up to an intra-day high of 212.65, declined to an intra-day low of 197.00 and closed at 212.65.

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

Scrip

Support

Last Close

Resistance

Trend

ACC

892, 856

902.65

924, 979

Tu

DR. REDDY

1466, 1400

1494.95

1514, 1589

Tu

HLL

224, 216

237.80

240, 252

Tu

INFOSYS

1721, 1661

1761.70

1800, 1900

Up

ITC

180, 168

180.00

190, 210

Up

RIL

1041, 1001

1055.50

1083, 1109

Tu

SATYAM

770, 752

792.85

810, 830

Tu

SBI

871, 850

878.70

900, 926

Up

T MOTORS

849, 811

849.95

888, 944

Up

TISCO

500, 480

512.55

530, 550

Sd

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 even be having contrary positions in the stocks mentioned above.  

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Hemen Kapadia, Morpheus Inc