Stock picks for the day

The market has run into selling pressure at higher levels after a good opening to end sharply in negative territory. No sector has ended positive while banks, capital goods, FMCG, IT, consumer durables, pharma and the PSU sectors have all ended in negative territory.

Volume registered a slight increase (read as turnover) while the undertone seemed subdued.

Sensex (Daily)
Last Close – 8788.81; Support – 8726, 8648; Resistance – 8822, 8960

Trading Range: The Sensex opened at 8962.92, moved up to an intra-day high of 9033.99, declined to an intra-day low of 8768.80 and closed at 8788.81.

Review/Outlook: The Sensex's has finally reflected some amount of weakness by giving a downward bar reversal on higher volume to end sharply in negative territory indicating the possibility of a minor correction setting in. A range bound movement cannot be ruled out while weakness could creep in below the 8769 level.

U B Holdings (Daily)
Last Close – 468.20; Support – 464, 439; Resistance – 476, 521

Trading Range: The scrip opened at 449.70, moved up to an intra-day high of 468.20, declined to an intra-day low of 449.70 and closed at 468.20.

Review/Outlook: The scrip has reflected strength by moving up from open to close and with the indicators looking positive, a further upside seems to be on the cards. 

ITD Ltd (Daily)
Last Close – 551.25; Support – 535, 510; Resistance – 593, 650

Trading Range: The scrip opened at 515.00, moved up to an intra-day high of 562.05, declined to an intra-day low of 515.00 and closed at 551.25.

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. 

Sinclair Hotels (Daily)
Last Close – 100.70; Support – 098, 086; Resistance – 106, 116

Trading Range: The scrip opened at 099.50, moved up to an intra-day high of 101.75, declined to an intra-day low of 095.00 and closed at 100.70.

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.  

Arihant Found (Daily)
Last Close – 201.90; Support – 197, 171; Resistance – 218, 260

Trading Range: The scrip opened at 211.00, moved up to an intra-day high of 213.00, declined to an intra-day low of 201.85 and closed at 201.90.

Review/Outlook: The scrip has reflected weakness by closing below the 55 Day Moving Average and with the indicators looking negative, a further downside 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.

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Sebi Disclosure: The author is an active market participant and could be having positions in the stocks mentioned above.