Stock picks of the day

The market has continued its upmove but has run into resistance at higher levels to end in negative territory. Banks, Pharma, Consumer Durables, FMCG positive in varying degrees while Capital Goods, IT and PSU's have all ended in negative territory. Volume registered a small decrease (read as turnover) while the undertone seemed subdued.

Sensex (Daily)

Last Close - 8308.78 | Support - 8260, 8144 | Resistance - 8376, 8446

Trading Range - The Sensex opened at 8332.01, moved up to an intra-day high of 8405.46, declined to an intra-day low of 8269.09 and closed at 8308.78.

Review/Outlook - The Sensex has come off from its intra-day high after facing selling pressure at higher levels to end negative by giving a downward "key reversal" (bearish signal) but to complicate things, this decline has happened on lower volume. A range bound movement cannot be ruled out while a minor intra-day downside could come in only below the 8269 level.

Champagne Indage (Daily)

Last Close - 279.45 | Support - 265, 226 | Resistance - 290, 341

Trading Range - The scrip opened at 279.45, moved up to an intra-day high of 279.45, declined to an intra-day low of 279.45 and closed at 279.45.

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.

Ema India Ltd (Daily)

Last Close - 120.40 | Support - 114, 101 | Resistance - 127, 143

Trading Range - The scrip opened at 118.90, moved up to an intra-day high of 120.40, declined to an intra-day low of 118.90 and closed at 120.40.

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.

SBI (Daily)

Last Close - 846.60 | Support - 800, 750 | Resistance - 850, 900

Trading Range - The scrip opened at 834.70, moved up to an intra-day high of 850.50, declined to an intra-day low of 830.20 and closed at 846.60.

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.

Wockhardt (Daily)

Last Close - 409.95 | Support - 404, 388 | Resistance - 421, 462

Trading Range - The scrip opened at 417.00, moved up to an intra-day high of 421.90, declined to an intra-day low of 407.15 and closed at 409.95.

Review/Outlook - The scrip has reflected weakness to post a downward "bar reversal" (bearish signal) and with the indicators looking negative, a further downside seems to be on the cards.

Daily Stock Track

Scrip	Support	Last Close	Resistance	Trend
ACC	477, 450	484.95	500, 550	Up
DR. REDDY	879, 850	929.85	934,998	Tu
HLL	172, 163	172.55	183, 192	Tu
INFOSYS	2537, 2460	2619.25	2650, 2769	Up
ITC	126,117	128.70	136, 144	Tu
RIL	780, 740	791.55	810,900	Tu
SATYAM	616, 580	639.90	645, 700	Up
SBI	800, 750	846.60	850, 900	Sd
T MOTORS	494, 472	496.15	518, 543	Tu
TISCO	361, 349	363.45	373, 390	Tu

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.