Stock picks for today

The market has found life difficult and slightly unsustainable at higher levels to end in negative territory. Capital goods and the PSU sector have ended positive in varying degrees, while banks, FMCG, IT, consumer durables and the pharma sectors have ended in negative territory.

Volume registered a minor decrease (read as turnover) while the undertone seemed cautious.

Sensex (Daily)

Last Close -- 9346.24; Support -- 9274, 9176; Resistance -- 9348, 9500

Trading Range: The Sensex opened at 9400.25, moved up to an intra-day high of 9427.57, declined to an intra-day low of 9310.63 and closed at 9346.24.

Review/Outlook: The Sensex has once again posted a fresh all time high but has run into selling pressure at higher levels to end in negative territory in the form of a downward key reversal on decent volume. The Sensex could remain range bound today while intra-day weakness could come in only below the 9310 level.

Sub. Projects (Daily)

Last Close -- 127.35; Support -- 120, 108; Resistance -- 129, 156

Trading Range: The scrip opened at 122.90, moved up to an intra-day high of 127.35, declined to an intra-day low of 120.25 and closed at 127.35.

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.

Parry Agro (Daily)

Last Close -- 1428.00; Support -- 1369, 1250; Resistance -- 1500, 1600

Trading Range: The scrip opened at 1368.00, moved up to an intra-day high of 1428.00, declined to an intra-day low of 1368.00 and closed at 1428.00.

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.

Archies (Daily)

Last Close -- 195.50; Support -- 162, 137; Resistance -- 200, 250

Trading Range: The scrip opened at 163.10, moved up to an intra-day high of 195.50, declined to an intra-day low of 161.00 and closed at 195.50.

Review/Outlook: The scrip has reflected strength by post a fresh all time high and with the indicators looking positive, a further upside seems to be on the cards.

GMR Industries (Daily)

Last Close -- 161.50; Support -- 156, 144; Resistance -- 166, 192

Trading Range: The scrip opened at 155.00, moved up to an intra-day high of 161.50, declined to an intra-day low of 155.00 and closed at 161.50.

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.

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.