Stock picks of the day

The market has had a volatile trading session to move both ways and has finally ended the day sharply in positive territory. Banks, Auto, Consumer Durables, Pharma, PSU, Capital Goods, IT, Oil, FMCG and Metals have ended positive in varying degrees while no sector has ended in positive territory. Volume registered a noticeable increase (read as turnover) while the undertone seemed positive.

Sensex (Daily)                                                                    

Last Close - 10919.64 | Support - 10884, 10740 | Resistance - 10947, 11052

Trading Range - The Sensex opened at 10641.33, moved up to an intra-day high of 10940.45, declined to an intra-day low of 10611.35 and closed at 10919.64.

Review/Outlook - The Sensex has once again reflected a surprising amount of strength to stage a smart upmove and has also managed to close above the 10900 mark but on much better volume to give an upward bar reversal. The outlook is improving and despite the extreme volatility, a range bound movement cannot be ruled out while an intra-day upside could come in only above the 10941 level while intra-day resistance comes in at the 11000 level.                                 

Madras Alum. (Daily)                                                 

Last Close - 294.90 | Support - 279, 224  | Resistance - 296, 370

Trading Range - The scrip opened at 281.00, moved up to an intra-day high of 299.65, declined to an intra-day low of 281.00 and closed at 294.90.

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. 

Ador Weld (Daily)                                                

Last Close - 395.55 | Support - 379, 327  | Resistance - 403, 439

Trading Range - The scrip opened at 380.00, moved up to an intra-day high of 397.40, declined to an intra-day low of 380.00 and closed at 395.55.

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.      

Saregama Ind. (Daily)                                            

Last Close - 167.60 | Support - 157, 120 | Resistance - 189, 241

Trading Range - The scrip opened at 161.00, moved up to an intra-day high of 167.60, declined to an intra-day low of 161.00 and closed at 167.60.

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.      

Deccan Cement. (Daily)                                             

Last Close - 135.50 | Support - 123, 105 | Resistance - 137, 155 

Trading Range - The scrip opened at 127.35, moved up to an intra-day high of 135.65, declined to an intra-day low of 127.35 and closed at 135.50.

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 be having positions in the stocks mentioned above.  

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