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Stock picks for today

By Hemen Kapadia / Morpheus Inc in Mumbai
January 13, 2006 09:40 IST
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The market has received support at lower levels and despite a very weak opening, has shown some resilience but has still ended in negative territory.

Banks, IT, auto, capital goods, pharma, oil and the PSU sectors have all ended negative in varying degrees, while consumer durables, FMCG and metals have ended in positive territory. Volume registered a sharp increase (read as turnover) while the undertone seemed subdued.

Sensex (Daily)

Last Close -- 9380.88; Support -- 9348, 9274; Resistance -- 9423, 9547

Trading Range: The Sensex opened at 9334.13, moved up to an intra-day high of 9435.26, declined to an intra-day low of 9303.71 and closed at 9380.88.

Review/Outlook: The Sensex has staged an intra-day recovery of sorts by coming off its intra-day low but has still ended in negative territory on significantly higher volume. The Sensex has now lost nearly 385 points in a matter of just three trading sessions while the intra-day picture seems to be getting slightly oversold indicating the possibility of a bounce back especially in the event of earlier weakness.

Clariant Ltd (Daily)

Last Close -- 375.90; Support -- 354, 321; Resistance -- 380, 416

Trading Range: The scrip opened at 347.75, moved up to an intra-day high of 375.90, declined to an intra-day low of 344.00 and closed at 375.90.

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.

Himadri Chem (Daily)

Last Close -- 129.00; Support -- 119, 094; Resistance -- 136, 168

Trading Range: The scrip opened at 124.00, moved up to an intra-day high of 129.00, declined to an intra-day low of 119.00 and closed at 129.00.

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.

Indo-National (Daily)

Last Close -- 430.50; Support -- 420, 389; Resistance -- 445, 499

Trading Range: The scrip opened at 413.00, moved up to an intra-day high of 430.50, declined to an intra-day low of 413.00 and closed at 430.50.

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.

Elpro Inernational (Daily)

Last Close -- 161.75; Support -- 158, 128; Resistance -- 193, 233

Trading Range: The scrip opened at 157.75, moved up to an intra-day high of 161.75, declined to an intra-day low of 155.00 and closed at 161.75.

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

Scrip

Support

Last Close

Resistance

Trend

ACC

516, 500

534.25

542, 569

Td

DR. REDDY

998, 934

1027.55

1049, 1089

Up

HLL

183, 172

187.80

192, 203

Td

INFOSYS

2813, 2769

2835.00

2938, 3074

Td

ITC

144, 136

144.45

155, 170

Tu

RIL

850, 800

887.25

900, 950

Sd

SATYAM

730, 705

747.00

750, 800

Up

SBI

926, 900

933.05

950, 1000

Tu

T MOTORS

635, 600

641.80

650, 670

Sd

TISCO

361, 349

369.35

373, 390

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 be having positions in the stocks mentioned above.

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Hemen Kapadia / Morpheus Inc in Mumbai
 

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