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, FMCG, Metals, PSU's, Capital Goods, Healthcare & Oil have ended positive in varying degrees while Consumer Durables, IT & Auto have ended in negative territory. Volume registered a noticeable increase (read as turnover) while the undertone seemed bullish.

Sensex

Last Close - 14418.60 | Support - 14325, 14243 | Resistance - 14454, 14524

Trading Range - The Sensex opened at 14362.63, moved up to an intra-day high of 14451.30, declined to an intra-day low of 14362.63 and closed at 14418.60.

Review/Outlook - The Sensex has reflected significant amount of resilience and despite a strong opening, has received significant buying support to move up constructively to come off from its intra-day low and has finally ended in positive territory on clearly higher volume. Volatility can be the order of the day; an intra-day upside (cannot be ruled out) could come in above the 14451 level while some resistance comes in at higher levels (14495 - which could limit the upside) while a mixed bias cannot be ruled out. The outlook seems to have turned better again while resistance comes in at the 14500+ level and support comes in at the 13800 level.

Subhash Proj

Last Close - 199.30 | Support - 194, 167 | Resistance - 202, 242

Trading Range - The scrip opened at 185.10, moved up to an intra-day high of 199.30, declined to an intra-day low of 185.10 and closed at 199.30.

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.

Lok Housing

Last Close - 187.10 | Support - 178, 147 | Resistance - 197, 255

Trading Range - The scrip opened at 180.00, moved up to an intra-day high of 187.15, declined to an intra-day low of 179.00 and closed at 187.10.

Review/Outlook - The scrip has reflected reflected strength by recovering from its intra-day low and with the indicators looking positive, a further upside seems to be on the cards.

Saregama Ind

Last Close - 265.85 | Support - 258, 235 | Resistance - 275, 300

Trading Range - The scrip opened at 265.85, moved up to an intra-day high of 265.85, declined to an intra-day low of 260.00 and closed at 265.85.

Review/Outlook - The scrip has reflected reflected strength by recovering from its intra-day low and with the indicators looking positive, a further upside seems to be on the cards.

Tricom India

Last Close - 108.45 | Support - 105, 088 | Resistance - 111, 141

Trading Range - The scrip opened at 104.00, moved up to an intra-day high of 108.45, declined to an intra-day low of 104.00 and closed at 108.45.

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.

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.