Stock picks of the day

The market has remained in a weak state of mind, has come off its intra-day high and has finally ended the day in negative territory. Banks, IT, Healthcare, Consumer Durables, Metal, Oil, Realty, FMCG, Auto, Capital Goods & PSU 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 panicky.

Sensex (Daily)                                                                     

Last Close - 14106.58 | Support - 14046, 13800 | Resistance - 14431, 14732

Trading Range - The Sensex opened at 14313.33, moved up to an intra-day high of 14432.90, declined to an intra-day low of 13991.31 and closed at 14106.58. 

Review/Outlook - The Sensex has had a mixed trading session, has had a neutral 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 sharply in negative territory on higher volume. Volatility can be the order of the day; an intra-day downside (seems like a formality) could come in below the 14105 level while significant support at lower levels (13800) – would limit the downside. The outlook has turned weak again while resistance comes in at the 14700+ level and support comes in at the 12300 level.  

Renuka Sugar. (Daily)                                                 

Last Close - 103.45 | Support - 101, 084 | Resistance - 129, 148

Trading Range - The scrip opened at 103.70, moved up to an intra-day high of 107.30, declined to an intra-day low of 101.25 and closed at 103.45.

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.    

Praj Industries. (Daily)                                                

Last Close - 172.70 | Support - 165, 149 | Resistance - 189, 211

Trading Range - The scrip opened at 176.00, moved up to an intra-day high of 181.40, declined to an intra-day low of 170.00 and closed at 172.70.

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.     

Parsvnath. (Daily)                                               

Last Close - 141.15 | Support - 138, 112 | Resistance - 169, 214

Trading Range - The scrip opened at 145.80, moved up to an intra-day high of 146.00, declined to an intra-day low of 140.10 and closed at 141.15.

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.          

Ntpc Limited. (Daily)                                               

Last Close - 155.70 | Support - 155, 141 | Resistance - 169, 184

Trading Range - The scrip opened at 162.75, moved up to an intra-day high of 164.95, declined to an intra-day low of 153.50 and closed at 155.70.

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 

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