Stock picks of the day

The market has remained in a positive state of mind, has come off its intra-day low and has finally ended the day in positive territory. Banks, IT, Auto, FMCG, PSU, Capital Goods, Consumer Durables, Metal, Healthcare & Oil have ended positive in varying degrees while no sector has ended in negative territory. Volume registered a noticeable decrease (read as turnover) while the undertone seemed shaky.

Sensex

Last Close - 15138.40 | Support - 15115, 14964 | Resistance - 15239, 15341

Trading Range - The Sensex opened at 15061.13, moved up to an intra-day high of 15235.51, declined to an intra-day low of 15061.13 and closed at 15138.40.

Review/Outlook - The Sensex has had a positive trading session, has had a good opening, has appreciated after receiving buying support at lower levels, has come off from its intra - day low and has finally ended in positive territory on clearly lower volume. Volatility can be the order of the day; an intra-day downside (is a formality) could come in below the 15101 level while some support at lower levels (14800) - could limit the downside. The outlook seems to have turned negative again while resistance comes in at the 16000+ level and support comes in at the 14683 level.

United Phosp

Last Close - 335.85 | Support - 322, 298 | Resistance - 351, 400

Trading Range - The scrip opened at 337.80, moved up to an intra-day high of 339.90, declined to an intra-day low of 330.00 and closed at 335.85.

Review/Outlook - The scrip has reflected weakness by declining from its intra-day high and with the indicators looking negative, a further downside seems to be on the cards.

Union Bank

Last Close - 144.85 | Support - 141, 125 | Resistance - 151, 168

Trading Range - The scrip opened at 144.90, moved up to an intra-day high of 148.00, declined to an intra-day low of 144.00 and closed at 144.85.

Review/Outlook - The scrip has reflected weakness by declining from its intra-day high and with the indicators looking negative, a further downside seems to be on the cards.

Reliance Energy

Last Close - 753.35 | Support - 730, 680 | Resistance - 757, 817

Trading Range - The scrip opened at 759.90, moved up to an intra-day high of 772.00, declined to an intra-day low of 748.05 and closed at 753.35.

Review/Outlook - The scrip has reflected weakness by declining from its intra-day high and with the indicators looking negative, a further downside seems to be on the cards.

Matrix Labs

Last Close - 236.00 | Support - 231, 217 | Resistance - 245, 271

Trading Range - The scrip opened at 242.60, moved up to an intra-day high of 245.15, declined to an intra-day low of 233.50 and closed at 236.00.

Review/Outlook - The scrip has reflected weakness by declining from its intra-day high and with the indicators looking negative, a further downside seems to be on the cards.

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.

Sebi Disclosure: The author is an active market participant and could even be having contrary positions in the stocks mentioned above.