Stock picks of the day

The market has once again run into significant selling pressure at higher levels to end sharply in negative territory. Capital goods and consumer durables have ended positive in varying degrees while banks, pharma, FMCG, IT and PSU's have all ended in negative territory. Volume registered a mild decrease (read as turnover) while the undertone seemed subdued.

Sensex (Daily)

Last Close - 8534.97 | Support - 8520, 8446 | Resistance - 8648, 8726

Trading Range - The Sensex opened at 8602.82, moved up to an intra-day high of 8664.46, declined to an intra-day low of 8518.18 and closed at 8534.97.

Review/Outlook - The Sensex's outlook hasn't changed much and with the near term bias turning negative a further downside cannot be ruled out. An unsustainable intra-day recovery seems to be the order of the day while intra-day resistance comes in at the 8577 level making it a tough nut to crack. An early recovery could be followed by a late fall.      

TVS Srichakra (Daily)

Last Close - 075.95 | Support - 074, 062 | Resistance - 079, 088 

Trading Range - The scrip opened at 062.00, moved up to an intra-day high of 075.95, declined to an intra-day low of 062.00 and closed at 075.95.

Review/Outlook - The scrip has reflected strength by closing above the 55 Day Moving Average and with the indicators looking positive, a further upside seems to be on the cards. 

Kirloskar. Pn (Daily)

Last Close - 158.35 | Support - 151, 128 | Resistance - 166, 185

Trading Range - The scrip opened at 149.00, moved up to an intra-day high of 158.35, declined to an intra-day low of 147.00 and closed at 158.35.

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. 

BPCL (Daily)

Last Close - 426.85 | Support - 426, 401 | Resistance - 444, 467

Trading Range - The scrip opened at 438.00, moved up to an intra-day high of 439.00, declined to an intra-day low of 425.65 and closed at 426.85.

Review/Outlook - The scrip has reflected weakness by depreciating from its intra-day high and with the indicators looking negative, a further downside seems to be on the cards.  

Neyveli Lignite (Daily)

Last Close - 072.90 | Support - 072, 065 | Resistance - 076, 083 

Trading Range - The scrip opened at 073.20, moved up to an intra-day high of 074.40, declined to an intra-day low of 072.30 and closed at 072.90.

Review/Outlook - The scrip has reflected weakness by depreciating 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	477, 450	500.40	500, 550	Up
DR. REDDY	879, 850	921.45	934, 998	Up
HLL	163, 155	169.30	172, 183	Sd
INFOSYS	2650, 2537	2678.90	2769, 2813	Up
ITC	117, 108	125.15	126, 136	Td
RIL	810, 780	819.20	850, 900	Up
SATYAM	616, 580	626.00	645, 700	Td
SBI	850, 800	874.45	900, 950	Sd
T MOTORS	518, 494	537.00	543, 568	Up
TISCO	349, 331	350.90	361, 373	Tu

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.