Stock picks for today

The market has actually moved both ways, has come off its intra-day high and has finally ended the day in negative territory.

Consumer durables, healthcare, metals, oil & PSUs have ended positive in varying degrees while banks, capital goods, FMCG, IT & the auto sectors have ended in negative territory. Volume registered a noticeable increase (read as turnover) while the undertone seemed mixed.

Sensex (Daily)

Last Close -- 13340.21; Support -- 13296, 13135; Resistance -- 13390, 13461

Trading Range: The Sensex opened at 13452.69, moved up to an intra-day high of 13568.09, declined to an intra-day low of 13232.56 and closed at 13340.21.

Review/Outlook: The Sensex has continued to reflect some amount of weakness by coming off sharply from its intra-day high by moving in either direction to just about end in negative territory on clearly higher volume. Volatility can be the order of the day, the negatives of the last trading session are expected to spill over to today's trading session indicating the possibility of an intra-day downside (especially below the 13299 level) while a small intra-day relief recovery cannot be ruled out early on but sustainability still remains elusive.

SSI Ltd. (Daily)

Last Close -- 193.00; Support -- 183, 169; Resistance -- 204, 248

Trading Range: The scrip opened at 187.00, moved up to an intra-day high of 193.00, declined to an intra-day low of 187.00 and closed at 193.00.

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.

Steel Strips. (Daily)

Last Close -- 158.20; Support -- 130, 114; Resistance -- 159, 178

Trading Range: The scrip opened at 142.20, moved up to an intra-day high of 158.25, declined to an intra-day low of 141.75 and closed at 158.20.

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.

Nelco Ltd. (Daily)

Last Close -- 114.85; Support -- 109, 100; Resistance -- 130, 157

Trading Range: The scrip opened at 107.00, moved up to an intra-day high of 114.85, declined to an intra-day low of 103.20 and closed at 114.85.

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.

Techno Electric. (Daily)

Last Close -- 134.70; Support -- 116, 104; Resistance -- 150, 175

Trading Range: The scrip opened at 132.50, moved up to an intra-day high of 134.70, declined to an intra-day low of 129.00 and closed at 134.70.

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.

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 even be having contrary positions in the stocks mentioned above.