Stock picks for today

The market has faced a significant amount of selling pressure at higher levels and has declined sharply from its intra-day high to end in negative territory. Banks, consumer durables, IT, auto, metals, FMCG, capital goods, pharma, oil and the PSU sectors have all ended negative in varying degrees, while no sector has ended in positive territory.

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

Sensex (Daily)

Last Close – 9445.30; Support – 9423, 9348; Resistance – 9547, 9665

Trading Range: The Sensex opened at 9584.47, moved up to an intra-day high of 9600.08, declined to an intra-day low of 9418.63 and closed at 9445.30.

Review/Outlook: The Sensex has finally shown some amount of weakness by closing below the previous 4 trading sessions intra-day lows and has also tested the 9423 level which is a sign for some concern. The Sensex is expected to take support at the 9348 – 9423 level indicating the possibility of a bounce from a here while a close below the aforesaid trading range could mean further weakness from here.

Ceekay Daikin (Daily)

Last Close – 113.90; Support – 110, 089; Resistance – 131, 159

Trading Range: The scrip opened at 104.00, moved up to an intra-day high of 113.90, declined to an intra-day low of 104.00 and closed at 113.90.

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

Sakthi Sugar (Daily)

Last Close – 143.15; Support – 141, 130; Resistance – 163, 190

Trading Range: The scrip opened at 137.60, moved up to an intra-day high of 143.15, declined to an intra-day low of 134.50 and closed at 143.15.

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

Renuka Sugar (Daily)

Last Close – 700.45; Support – 678, 639; Resistance – 750, 800

Trading Range: The scrip opened at 645.00, moved up to an intra-day high of 700.45, declined to an intra-day low of 641.50 and closed at 700.45.

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.

Arihant Foundation (Daily)

Last Close – 268.30; Support – 257, 209; Resistance – 310, 365

Trading Range: The scrip opened at 258.00, moved up to an intra-day high of 268.30, declined to an intra-day low of 248.00 and closed at 268.30.

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

Daily Stock Track

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