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, Capital Goods, Consumer Durables, Metal, PSU, Healthcare, Auto, Oil, IT & FMCG have ended negative in varying degrees while no sector has ended in positive territory.

Volume registered a noticeable increase (read as turnover) while the undertone seemed weak.

Sensex

Last Close -- 15234.57; Support -- 15216, 15112; Resistance -- 15341, 15440

Trading Range: The Sensex opened at 15487.76, moved up to an intra-day high of 15495.51, declined to an intra-day low of 15159.68 and closed at 15234.57.

Review/Outlook: The Sensex has had a weak trading session, has had a shaky opening, has depreciated after facing selling pressure even at lower levels, but has come off from its intra - day high and has finally ended in negative territory on clearly higher volume. Volatility can be the order of the day; an intra-day downside (seems like a formality) could come in below the 15159 level while some support at lower levels (15020) -- could limit the downside. The outlook seems to have turned negative again while resistance comes in at the 16000+ level and support comes in at the 14800 level.

Patel Engg.

Last Close -- 434.85; Support -- 422, 386; Resistance -- 442, 473

Trading Range: The scrip opened at 451.00, moved up to an intra-day high of 452.00, declined to an intra-day low of 430.00 and closed at 434.85.

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.

PFC

Last Close -- 173.55; Support -- 164, 140; Resistance -- 191, 206

Trading Range: The scrip opened at 183.00, moved up to an intra-day high of 183.10, declined to an intra-day low of 168.50 and closed at 173.55.

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.

RNRL

Last Close -- 040.75; Support -- 032, 025; Resistance -- 041, 052

Trading Range: The scrip opened at 040.00, moved up to an intra-day high of 042.15, declined to an intra-day low of 040.00 and closed at 040.75.

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.

Gitanjali Gems

Last Close -- 255.85; Support -- 250, 211; Resistance -- 268, 311

Trading Range: The scrip opened at 240.60, moved up to an intra-day high of 260.00, declined to an intra-day low of 235.10 and closed at 255.85.

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.

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.