The market has remained in a negative state of mind, has come off its intra-day high and has finally ended the day in negative territory. Banks, Consumer Durables, FMCG, IT, PSU, Auto, Oil, Capital Goods, Healthcare & Metal have ended negative in varying degrees while no sector has ended in positive territory.
Volume registered a distinct increase (read as turnover) while the undertone seemed weak.
Sensex (Daily)
Last Close -- 12884.34; Support -- 12819, 12711; Resistance -- 12925, 13030
Trading Range: The Sensex opened at 13034.27, moved up to an intra-day high of 13035.56, declined to an intra-day low of 12861.18, and closed at 12884.34.
Review/Outlook: The Sensex has followed up the previous trading session's decline by giving an island reversal on the daily chart after running into stiff; Resistance at higher levels, has come off from its intra-day high and has finally ended the day in negative territory on clearly higher volume. Volatility can be the order of the day; an intra-day downside could come in below the 12861 level but rather strong support at lower levels could lead to a mild late recovery while the upside seems to be currently capped at the 13036 level.
Kesoram Ind. (Daily)
Last Close -- 339.25; Support -- 318, 286; Resistance -- 348, 379
Trading Range: The scrip opened at 351.90, moved up to an intra-day high of 352.00, declined to an intra-day low of 337.40 and closed at 339.25.
Review/Outlook: The scrip has reflected weakness by declining from its intra-day high and with the indicators looking negative, a further downside seems to be on the cards.
Muller & Phipps. (Daily)
Last Close -- 199.55; Support -- 198, 183; Resistance -- 227, 252
Trading Range: The scrip opened at 193.00, moved up to an intra-day high of 207.00, declined to an intra-day low of 192.45 and closed at 199.55.
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.
Indian Hume Pipe. (Daily)
Last Close -- 359.25; Support -- 321, 280; Resistance -- 380, 426
Trading Range: The scrip opened at 368.50, moved up to an intra-day high of 375.00, declined to an intra-day low of 359.20 and closed at 359.25.
Review/Outlook: The scrip has reflected weakness by declining from its intra-day high and with the indicators looking negative, a further downside seems to be on the cards.
Millars India. (Daily)
Last Close -- 109.15; Support -- 100, 074; Resistance -- 120, 149
Trading Range: The scrip opened at 109.15, moved up to an intra-day high of 119.50, declined to an intra-day low of 109.15 and closed at 109.15.
Review/Outlook: The scrip has reflected weakness by declining from its intra-day high and with the indicators looking negative, a further downside seems to be on the cards.
Daily Stock Track
Scrip |
Support |
Last Close |
Resistance |
Trend |
ACC |
724, 697 |
734.90 |
750, 796 |
Sd |
DR. REDDY |
689, 669 |
693.90 |
712, 733 |
Sd |
HLL |
192, 183 |
197.80 |
203, 216 |
Tu |
INFOSYS |
1962, 1883 |
1992.30 |
2061, 2133 |
Td |
ITC |
136, 125 |
143.40 |
144, 155 |
Sd |
RIL |
1342, 1316 |
1348.65 |
1373, 1409 |
Sd |
SATYAM |
443, 425 |
455.60 |
475, 500 |
Tu |
SBI |
973, 950 |
974.20 |
1000, 1050 |
Sd |
T MOTORS |
698, 670 |
718.80 |
722, 749 |
Dt |
TISCO |
437, 425 |
441.10 |
452, 466 |
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.
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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.