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Stock picks for today

October 31, 2006 10:16 IST
The market has remained volatile, has nearly just one way and has finally ended the day in positive territory. FMCG, healthcare, oil, banks, capital goods, PSUs and IT have ended positive in varying degrees, while consumer durables, auto and metals have ended in negative territory. Volume registered a sharp decrease (read as turnover) while the undertone seemed bullish.

Sensex

Last Close -- 13024.26; Support -- 13000, 12925; Resistance -- 13100, 13200

Trading Range: The Sensex opened at 12925.43, moved up to an intra-day high of 13039.30, declined to an intra-day low of 12844.85 and closed at 13024.26.

Review/Outlook: The Sensex has reflected noticeable amount of strength by opening with an upward gap, has moved up smartly after some initial weakness and has ended sharply in positive territory on distinctly lower volume. A range bound movement seems to be on the cards while an intra-day upside cannot be ruled out especially above the 13039 level while intra-day support comes in at the 12990 level indicating a rather limited downside.

Ansal Infra.

Last Close -- 842.00; Support -- 800, 750; Resistance -- 850, 900

Trading Range: The scrip opened at 827.60, moved up to an intra-day high of 842.00, declined to an intra-day low of 825.00 and closed at 842.00.

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.

Areva TD.

Last Close -- 810.00 Support -- 779, 682; Resistance -- 886, 950;

Trading Range: The scrip opened at 782.00, moved up to an intra-day high of 810.00, declined to an intra-day low of 775.00 and closed at 810.00.

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.

Godrej Ind.

Last Close -- 151.30; Support -- 145, 120; Resistance -- 175, 200

Trading Range: The scrip opened at 151.30, moved up to an intra-day high of 151.30, declined to an intra-day low of 147.00 and closed at 157.30.

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.

Lumax Ind.

Last Close -- 400.70; Support -- 400, 350; Resistance -- 450, 500

Trading Range: The scrip opened at 389.40, moved up to an intra-day high of 400.70, declined to an intra-day low of 380.00 and closed at 400.70.

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.

Daily Stock Track

Scrip

Support

Last Close

Resistance

Trend

ACC

979, 924

979.70

1022, 1061

Sd

DR. REDDY

733, 700

751.40

757, 795

Tu

HLL

224, 216

228.75

240, 252

Os

INFOSYS

2100, 2000

2124.05

2200, 2300

Tu

ITC

180, 168

187.50

190, 210

Sd

RIL

1195, 1171

1232.75

1250, 1300

Up

SATYAM

430, 415

430.35

443, 475

Tu

SBI

1050, 1000

1094.70

1100, 1190

Tu

T MOTORS

841, 811

852.10

888, 944

Tu

TISCO

480, 466

498.35

500, 530

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.

Hemen Kapadia / Morpheus Inc. in Mumbai