Stock picks of the day

The market has come under severe pressure after facing resistance at higher levels to end sharply in negative territory. Banks, capital goods, pharma, consumer durables, FMCG, IT and PSUs have all ended negative in varying degrees while no sector has ended in positive territory.

Volume registered a smart increase (read as turnover) while the undertone seemed panicky.

Sensex (Daily)

Last Close -- 7798.49 -- Support -- 7790, 7735 -- Resistance -- 7843, 7983

Trading Range: The Sensex opened at 7989.35, moved up to an intra-day high of 7994.82, declined to an intra-day low of 7766.99 and closed at 7798.49.

Review/Outlook: The Sensex has reflected weakness by virtually collapsing to a 39 trading session low and has also breached the important support level of 7843. A minor intra-day recovery (keeping in mind the sharp fall) cannot be ruled out but this anticipated recovery doesn't look very sustainable.

JM Financial (Daily)

Last Close -- 329.05 -- Support -- 328, 312 -- Resistance -- 338, 349

Trading Range: The scrip opened at 348.00, moved up to an intra-day high of 350.00, declined to an intra-day low of 329.05 and closed at 329.05.

Review/Outlook: The scrip has reflected weakness by depreciating to post a 23 trading session low and with the indicators looking negative, a further downside seems to be on the cards.

Galaxy Enter (Daily)

Last Close -- 195.35 -- Support -- 186, 166 -- Resistance -- 204, 214

Trading Range: The scrip opened at 201.00, moved up to an intra-day high of 206.85, declined to an intra-day low of 195.35 and closed at 195.35.

Review/Outlook: The scrip has reflected strength by depreciating from open to close and with the indicators looking negative, a further downside seems to be on the cards.

OBC (Daily)

Last Close -- 236.40 -- Support -- 232, 226 -- Resistance -- 239, 249

Trading Range: The scrip opened at 242.00, moved up to an intra-day high of 242.80, declined to an intra-day low of 233.00 and closed at 236.40.

Review/Outlook: The scrip has reflected weakness by closing in negative territory and with the indicators looking negative, a further downside seems to be on the cards.

ACC (Daily)

Last Close -- 438.95 -- Support -- 420, 398 -- Resistance -- 450, 477

Trading Range: The scrip opened at 450.90, moved up to an intra-day high of 450.95, declined to an intra-day low of 436.40 and closed at 438.95.

Review/Outlook: The scrip has reflected weakness after facing resistance from the 450 level and with the indicators looking negative, a further downside 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.