Stock picks for today

The market hasn't been able to sustain itself itself at higher levels and has cooled off sharply from its intra-day high to end in negative territory. FMCG, capital goods, pharma and the PSU sectors have ended positive in varying degrees, while banks, consumer durables, IT, auto, metals and the oil sectors have ended in negative territory.

Volume registered a significant decrease (read as turnover) while the undertone seemed subdued.

Sensex (Daily)

Last Close – 9583.45; Support – 9547, 9423; Resistance – 9665, 9820

Trading Range: The Sensex opened at 9643.92, moved up to an intra-day high of 9689.68, declined to an intra-day low of 9539.63 and closed at 9583.45.

Review/Outlook: The Sensex has faced resistance at higher levels and has once again cooled off sharply from its intra-day high to end clearly in negative territory while this cool off decline has been accompanied by lower volume. A range bound movement cannot be ruled out and it remains to be seen whether this minute correction gets any deeper or not while a close above the 9665 level could mean further upside.

Chemp. Sanmar (Daily)

Last Close – 090.55; Support – 088, 074; Resistance – 096, 111

Trading Range: The scrip opened at 088.00, moved up to an intra-day high of 090.55, declined to an intra-day low of 088.00 and closed at 090.55.

Review/Outlook: The scrip has reflected strength by appreciating with an upward gap and with the indicators looking positive, a further upside seems to be on the cards.

Sakthi Sugar (Daily)

Last Close – 136.35; Support – 130, 100; Resistance – 141, 163

Trading Range: The scrip opened at 130.80, moved up to an intra-day high of 136.35, declined to an intra-day low of 130.25 and closed at 136.25.

Review/Outlook: The scrip has reflected strength by moving up virtually from open to close and with the indicators looking positive, a further upside seems to be on the cards.

Renuka Sugar (Daily)

Last Close – 636.80; Support – 590, 577; Resistance – 639, 678

Trading Range: The scrip opened at 590.00, moved up to an intra-day high of 636.80, declined to an intra-day low of 590.00 and closed at 636.80.

Review/Outlook: The scrip has reflected strength by appreciating with an upward gap and with the indicators looking positive, a further upside seems to be on the cards.

Ador Welding (Daily)

Last Close – 414.35; Support – 403, 379; Resistance – 439, 475

Trading Range: The scrip opened at 393.30, moved up to an intra-day high of 414.35, declined to an intra-day low of 393.20 and closed at 414.35.

Review/Outlook: The scrip has reflected strength by moving virtually from open to close 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 be having positions in the stocks mentioned above.