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Stock picks of the day

By Hemen Kapadia, Morpheus Inc
May 07, 2008 09:52 IST
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The market has remained in a mixed state of mind, has come off its intra-day high and has finally ended the day in negative territory. Banks, Consumer Durables, Oil, Auto, Capital Goods, Healthcare, PSU & Realty have ended negative in varying degrees while FMCG, IT & Metal have ended in positive territory. Volume registered a noticeable increase (read as turnover) while the undertone seemed subdued.

Sensex

Last Close - 17373.01 | Support - 17292, 16964 | Resistance - 17494, 17711

Trading Range - The Sensex opened at 17441.41, moved up to an intra-day high of 17502.15, declined to an intra-day low of 17237.68 and closed at 17373.01.

Review/Outlook - The Sensex has had a mixed trading session, has had a negative opening, has moved both ways, has faced selling pressure even at lower levels, has come off from its intra - day high and has finally ended in negative territory on higher volume. Volatility can be the order of the day; an intra-day upside (seems like a possibility) could come in above the 17391 level while significant resistance at higher levels (17480) - would limit the upside. The outlook has turned positive again while resistance comes in at the 18300+ level and support comes in at the 16600 level.

Lkp Mer. Fin

Last Close - 166.55 | Support - 151, 101 | Resistance - 209, 234

Trading Range - The scrip opened at 156.05, moved up to an intra-day high of 167.75, declined to an intra-day low of 153.30 and closed at 166.55.

Review/Outlook - The scrip has reflected strength by appreciating from its intra-day low and with the indicators looking positive, a further upside seems to be on the cards.

Denison Hydro

Last Close - 495.00 | Support - 443, 401 | Resistance - 512, 556

Trading Range - The scrip opened at 450.00, moved up to an intra-day high of 495.00, declined to an intra-day low of 450.00 and closed at 495.00.

Review/Outlook - The scrip has reflected strength by appreciating from its intra-day low and with the indicators looking positive, a further upside seems to be on the cards.

Siemens Med

Last Close - 892.55 | Support - 861, 837 | Resistance - 931, 999

Trading Range - The scrip opened at 850.00, moved up to an intra-day high of 892.55, declined to an intra-day low of 850.00 and closed at 892.55.

Review/Outlook - The scrip has reflected strength by appreciating from its intra-day low and with the indicators looking positive, a further upside seems to be on the cards.

Accent Tech

Last Close - 191.40 | Support - 181, 157 | Resistance - 198, 245

Trading Range - The scrip opened at 181.00, moved up to an intra-day high of 192.70, declined to an intra-day low of 181.00 and closed at 191.40.

Review/Outlook - The scrip has reflected strength by appreciating from its intra-day low 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

724, 697

741.10

750, 778

Dt

DR. REDDY

610, 579

643.80

645, 689

Up

HUL

240, 224

248.20

252, 272

Up

INFOSYS

1785, 1723

1820.30

1834, 1917

Up

ITC

213, 193

224.90

227, 240

Up

RIL

2615, 2539

2654.40

2684, 2724

Up

SATYAM

493, 475

497.05

522, 549

Up

SBI

1722, 1678

1756.20

1760, 1802

Tu

T MOTORS

670, 635

681.80

698, 722

Tu

T STEEL

762, 731

816.40

820, 858

Up

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 not only be having positions but could even be having contrary positions in the stocks mentioned above.  

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Hemen Kapadia, Morpheus Inc
 

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