BUSINESS

Stock picks of today

By Hemen Kapadia / Morpheus Inc
October 25, 2005 10:30 IST

The market has run into stiff resistance at higher levels to end sharply in negative territory. Banks, capital goods, consumer durables, FMCG, IT and PSUs all ended negative in varying degrees while it was the Pharma sector which lost maximum ground.

Volume registered a sharp decrease (read as turnover) while the undertone seemed panicky.

Sensex (Daily)

Last Close -- 7920.80 -- Support -- 7843, 7790 -- Resistance -- 7983, 8083

Trading Range: The Sensex opened at 8096.49, moved up to an intra-day high of 8126.27, declined to an intra-day low of 7898.41 and closed at 7920.80.

Review/Outlook: The Sensex has faced selling pressure from the 55 Week EMA and has declined severely to give a downward key reversal (bearish signal) indicating the possibility of a further downside especially below the 7898 level.

ACC (Daily)

Last Close -- 449.00 -- Support -- 420, 398 -- Resistance -- 450, 477

Trading Range: The scrip opened at 449.90, moved up to an intra-day high of 454.10, declined to an intra-day low of 446.00 and closed at 449.00.

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

Arvind Mills (Daily)

Last Close -- 116.25 -- Support -- 101, 089 -- Resistance -- 119, 128

Trading Range: The scrip opened at 120.00, moved up to an intra-day high of 120.60, declined to an intra-day low of 114.10 and closed at 116.25.

Review/Outlook: The scrip has reflected weakness by declining from higher levels and with the indicators looking negative, a further downside seems to be on the cards. 

Techno Elec. & Engg. Co. (Daily)

Last Close -- 259.90 -- Support -- 240, 220 -- Resistance -- 260, 290

Trading Range: The scrip opened at 258.00, moved up to an intra-day high of 259.90, declined to an intra-day low of 255.00 and closed at 259.90.

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.  

Elnet Tech. (Daily)                                                         

Last Close -- 061.70 -- Support -- 059, 055   --  Resistance -- 063, 069

Trading Range: The scrip opened at 056.95, moved up to an intra-day high of 061.70, declined to an intra-day low of 056.95 and closed at 061.70.

Review/Outlook: The scrip has reflected strength by taking support on the 59 level 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

420, 398

446.20

450, 477

Dt

DR. REDDY

798, 794

839.30

850, 879

Td

HLL

163, 155

171.50

172, 183

Td

INFOSYS

2537, 2460

2551.85

2650, 2769

Dt

ITC

117, 108

121.30

126, 136

Os

RIL

740, 713

770.45

780, 800

Sd

SATYAM

580, 560

594.20

645, 700

Sd

SBI

850, 800

886.80

900, 950

Td

T MOTORS

494, 472

512.60

518, 543

Td

TISCO

361, 349

367.25

373, 390

Os

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 be having positions in the stocks mentioned above.

Hemen Kapadia / Morpheus Inc

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