Stocks picks for today

The market has had a range bound trading session to basically come off its intra-day low and has finally ended the day in positive territory.

Capital Goods, Banks, Metals FMCG, IT, PSUs & Oil have ended positive in varying degrees while no Consumer Durables, Pharma & the Auto sector have ended in negative territory. Volume registered a major decrease (read as turnover) while the undertone seemed better.

Sensex (Daily)

Last Close -- 11619.52; Support -- 11618, 11536; Resistance -- 11707, 11826

Trading Range: The Sensex opened at 11583.73, moved up to an intra-day high of 11633.35, declined to an intra-day low of 11552.44 and closed at 11619.52.

Review/Outlook: The Sensex has faced alternate bouts of both, buying & selling and has come off its intra-day low to end smartly in positive territory on sharply lower volume and has managed to close above the 11000 level for the fourteenth 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 seems like a possibility above the 11635 level - the sanctity of the 11330 level needs to be maintained at all times.

GMR Ind. (Daily)

Last Close -- 161.35; Support -- 156, 144; Resistance -- 166, 192

Trading Range: The scrip opened at 158.65, moved up to an intra-day high of 161.35, declined to an intra-day low of 157.75 and closed at 161.35.

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.

Harrisons Mal. (Daily)

Last Close -- 094.05; Support -- 072, 061; Resistance -- 108, 133

Trading Range: The scrip opened at 091.70, moved up to an intra-day high of 094.90, declined to an intra-day low of 088.35 and closed at 094.05.

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.

Jayshree Tea. (Daily)

Last Close -- 125.55; Support -- 107, 082; Resistance -- 144, 175

Trading Range: The scrip opened at 121.40, moved up to an intra-day high of 125.55, declined to an intra-day low of 117.00 and closed at 125.55.

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.

Lakshmi Electrical. (Daily)

Last Close -- 293.60; Support -- 280, 255; Resistance -- 326, 360

Trading Range: The scrip opened at 288.00, moved up to an intra-day high of 295.50, declined to an intra-day low of 282.00 and closed at 293.60.

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.

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Sebi Disclosure: The author is an active market participant and could even be having contrary positions in the stocks mentioned above.