Stock picks of the day

The market has continued its upmove to once again stage a significant rally to end smartly in positive territory. Banks, capital goods, pharma, consumer durables, FMCG, IT and PSU's have all ended positive in varying degrees while no sector has ended in negative territory. Volume registered a small decrease (read as turnover) while the undertone seemed bullish.

Sensex (Daily)

Last Close - 8317.80 | Support - 8260, 8144 | Resistance - 8376, 8446

Trading Range - The Sensex opened at 8218.82, moved up to an intra-day high of 8353.10, declined to an intra-day low of 8213.75 and closed at 8317.80.

Review/Outlook - The Sensex has ended in positive territory for the fifth trading session in a row, has comfortably sustained above the 8300 and the 55 Day Moving Average, which is placed at 8050. Resistance comes in at the 8376 level while a minor intra-day downside below the 8285 level cannot be ruled out.

Sadhana Nitrochem (Daily)

Last Close - 126.35 | Support - 121, 114 | Resistance - 130, 145

Trading Range - The scrip opened at 121.50, moved up to an intra-day high of 126.35, declined to an intra-day low of 119.00 and closed at 126.35.

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.

Carnation Nut (Daily)

Last Close - 103.80 | Support - 099, 082 | Resistance - 109, 127

Trading Range - The scrip opened at 095.00, moved up to an intra-day high of 103.80, declined to an intra-day low of 095.00 and closed at 103.80.

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

IOB (Daily)
Last Close - 091.05 | Support - 089, 082 | Resistance - 096, 104

Trading Range - The scrip opened at 090.50, moved up to an intra-day high of 092.00, declined to an intra-day low of 089.35 and closed at 091.05.

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.

IBP (Daily)

Last Close - 519.00 | Support - 507, 475 | Resistance - 536, 558

Trading Range - The scrip opened at 505.00, moved up to an intra-day high of 522.00, declined to an intra-day low of 505.00 and closed at 519.00.

Review/Outlook - The scrip has reflected strength to post a fresh 97 trading session high 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	420, 398	538.95	450, 477	Td
DR. REDDY	798, 794	803.20	850, 879	Td
HLL	155, 149	162.40	163, 172	Dt
INFOSYS	2460, 2313	2467.70	2537, 2650	Dt
ITC	108, 101	115.75	117, 126	Dt
RIL	740, 713	751.20	780, 800	Td
SATYAM	580, 560	589.95	645, 700	Td
SBI	800, 750	830.65	850, 900	Dt
T MOTORS	472, 448	484.60	494, 518	Td
TISCO	331, 316	338.65	349, 361	Dt

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.