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Stock picks for today

March 29, 2007 09:04 IST

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.

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