BUSINESS

Stock picks of the day

By Hemen Kapadia, Morpheus Inc.
June 03, 2008 09:29 IST
The market has remained in a mixed state of mind, has come off its intra-day high and has finally ended the day in negative territory. Banks, FMCG, IT, Metal, Healthcare, Capital Goods, Consumer Durables, PSU, Oil & Realty have ended negative in varying degrees while Auto has ended in positive territory. Volume registered a noticeable decrease (read as turnover) while the undertone seemed panicky.

Sensex (Daily)     

Last Close - 16063.18 | Support - 15956, 15734 | Resistance - 16165, 16308

Trading Range - The Sensex opened at 16591.46, moved up to an intra-day high of 16632.72, declined to an intra-day low of 15991.21 and closed at 16063.18. 

Review/Outlook - The Sensex has had a mixed trading session, has had a positive opening, has moved both ways, has faced selling pressure at higher levels, has come off from its intra - day high and has finally ended in negative territory on lower volume. Volatility can be the order of the day; an intra-day downside (seems like a distinct possibility) could come in below the 16049 level while significant support at lower levels (15800) – would limit the downside. The outlook has turned weak again while resistance comes in at the 17300+ level and support comes in at the 15300 level.  

Dover Secur. (Daily)                                                          

Last Close - 164.45 | Support - 157, 117 | Resistance - 199, 237

Trading Range - The scrip opened at 161.00, moved up to an intra-day high of 164.45, declined to an intra-day low of 161.00 and closed at 164.45.

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

Sanra Softw. (Daily)                                               

Last Close - 079.15 | Support - 076, 048 | Resistance - 098, 131

Trading Range - The scrip opened at 073.10, moved up to an intra-day high of 079.15, declined to an intra-day low of 073.00 and closed at 079.15.

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

Refex Refrig. (Daily)                                                  

Last Close - 226.25 | Support - 221, 186 | Resistance - 230, 276

Trading Range - The scrip opened at 221.75, moved up to an intra-day high of 227.25, declined to an intra-day low of 219.10 and closed at 226.25.

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

Adhunik Metal. (Daily)                                                   

Last Close - 174.55 | Support - 169, 137 | Resistance - 182, 229

Trading Range - The scrip opened at 171.15, moved up to an intra-day high of 183.40, declined to an intra-day low of 171.00 and closed at 174.55.

Review/Outlook - The scrip has reflected strength by appreciating from its intra-day low 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

615, 573

626.10

656, 697

Dt

DR. REDDY

712, 689

718.30

737, 774

Up

HUL

224, 216

233.60

240, 252

Td

INFOSYS

1917, 1834

1950.90

1951, 2010

Up

ITC

213, 193

219.85

227, 240

Td

RIL

2309, 2274

2355.70

2426, 2539

Dt

SATYAM

493, 475

518.65

522, 554

Up

SBI

1381, 1302

1394.10

1418, 1472

Dt

T MOTORS

535, 487

562.95

567, 600

Dt

T STEEL

858, 820

868.05

890, 924

Td

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.

DISCLAIMER : While efforts have been made to ensure the accuracy of the information provided in this content, the authors shall not be held responsible for any loss, harm or injury arising in any manner whatsoever, including those arising directly, indirectly, consequentially or otherwise and whether financial, mental or otherwise, caused to any person whatsoever who accesses or uses or is supplied with the content (consisting of articles, information, analyses, etc.) provided at this site or who otherwise relies on such content. Readers are advised to cross verify the information and to also seek professional and expert advice before taking any decision based on the content provided above or acting on any recommendations made herein. The information or opinions provided herein are not a substitute for professional advice.

Sebi Disclosure: The author is an active market participant and could not only be having positions but could even be having contrary positions in the stocks mentioned above.  

Hemen Kapadia, Morpheus Inc.

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