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Stock picks of the day

By Hemen Kapadia, Morpheus Inc.
May 08, 2008 09:13 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. Metal, Banks, Consumer Durables, Capital Goods, PSU & Realty have ended negative in varying degrees while FMCG, Healthcare, Auto, Oil & IT have ended in positive territory. Volume registered a noticeable decrease (read as turnover) while the undertone seemed subdued.

Sensex

Last Close - 17339.31 | Support - 17292, 16964 | Resistance - 17494, 17711

Trading Range - The Sensex opened at 17404.15, moved up to an intra-day high of 17413.81, declined to an intra-day low of 17229.98 and closed at 17339.31.

Review/Outlook - The Sensex has had a mixed trading session, has had a positive 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 lower volume. Volatility can be the order of the day; an intra-day downside (seems like a possibility) could come in below the 17322 level while significant support at lower levels (17205) - would limit the downside and result in a smart recovery. 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 - 170.25 | Support - 151, 101 | Resistance - 209, 234

Trading Range - The scrip opened at 165.00, moved up to an intra-day high of 174.00, declined to an intra-day low of 164.00 and closed at 170.25.

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 - 507.50 | Support - 443, 401 | Resistance - 512, 556

Trading Range - The scrip opened at 515.05, moved up to an intra-day high of 540.00, declined to an intra-day low of 505.00 and closed at 507.50.

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.

Oudh Sugar

Last Close - 069.85 | Support - 065, 048 | Resistance - 073, 091

Trading Range - The scrip opened at 065.30, moved up to an intra-day high of 069.85, declined to an intra-day low of 065.00 and closed at 069.85.

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 - 194.55 | Support - 181, 157 | Resistance - 198, 245

Trading Range - The scrip opened at 200.95, moved up to an intra-day high of 200.95, declined to an intra-day low of 191.00 and closed at 194.55.

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.

Daily Stock Track               

Scrip

Support

Last Close

Resistance

Trend

ACC

724, 697

737.20

750, 778

Dt

DR. REDDY

610, 579

644.75

645, 689

Up

HUL

240, 224

251.10

252, 272

Up

INFOSYS

1834, 1735

1843.20

1917, 1999

Up

ITC

213, 193

226.95

227, 240

Up

RIL

2615, 2539

2682.35

2684, 2724

Up

SATYAM

475, 443

489.30

493, 522

Up

SBI

1760, 1722

1768.25

1802, 1838

Tu

T MOTORS

670, 635

679.75

698, 722

Tu

T STEEL

820, 762

824.95

858, 890

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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