Stock picks for today

The market has remained in a negative state of mind, has come off its intra-day high and has finally ended the day in negative territory.

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

Sensex (Daily)

Last Close – 14218.11; Support – 14171, 14035; Resistance – 14243, 14325

Trading Range: The Sensex opened at 14344.70, moved up to an intra-day high of 14389.66, declined to an intra-day low of 14174.05 and closed at 14218.11.

Review/Outlook: The Sensex has reflected significant amount of weakness, has had a rather weak opening, has moved down, has faced significant selling pressure to come off from its intra-day high and has finally ended in negative territory on clearly lower volume. Volatility can be the order of the day; an intra-day downside (seems like a formality) could come in below the 14174 level while some support at lower levels (14140) – which could limit the downside while a late recovery cannot be ruled out. The outlook seems to have turned slightly shaky again while resistance comes in at the 14500+ level and support comes in at the 13800 level.

Global Board. (Daily)

Last Close – 855.60; Support – 850, 800; Resistance – 900, 950

Trading Range: The scrip opened at 822.20, moved up to an intra-day high of 860.10, declined to an intra-day low of 822.20 and closed at 855.60.

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.

Asian Elect. (Daily)

Last Close – 581.35; Support – 564, 511; Resistance – 597, 625

Trading Range: The scrip opened at 558.80, moved up to an intra-day high of 581.35, declined to an intra-day low of 551.00 and closed at 581.35.

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.

Subhash Proj. (Daily)

Last Close – 215.35; Support – 202, 167; Resistance – 242, 273

Trading Range: The scrip opened at 207.90, moved up to an intra-day high of 215.35, declined to an intra-day low of 206.00 and closed at 215.35.

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.

Eicher Motor. (Daily)

Last Close – 290.60; Support – 281, 250; Resistance – 299, 329

Trading Range: The scrip opened at 273.00, moved up to an intra-day high of 290.60, declined to an intra-day low of 273.00 and closed at 290.60.

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.

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 even be having contrary positions in the stocks mentioned above.