Stock picks for today

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

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.