Stock picks for the day

The market hasn't been able to hold on to its early gains to end the day sharply in negative territory.

Capital Goods, Banks, Auto, Pharma, FMCG, Consumer Durables, PSU, Metals, IT and Oil have ended negative in varying degrees while no sector has ended in positive territory.

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

Sensex (Daily)

Last Close -- 12435.41; Support -- 12400, 12300Resistance -- 12500, 12600

Trading Range: The Sensex opened at 12631.54, moved up to an intra-day high of 12671.11, declined to an intra-day low of 12397.02 and closed at 12435.41.

Review/Outlook: The Sensex has once again created history to post a fresh all time high but hasn't been able to sustain itself at higher levels and has given a downward bar reversal on higher volume to end sharply in negative territory. The outlook continues to remain positive, as the bigger picture remains quite solid while the intra-day picture has weakened once again indicating the possibility of an intra-day downside especially below the 12397 level.

GTC Ind. (Daily)

Last Close -- 323.80; Support -- 308, 249; Resistance -- 352, 400

Trading Range: The scrip opened at 323.70, moved up to an intra-day high of 323.80, declined to an intra-day low of 316.20 and closed at 323.80.

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.

Praj Ind. (Daily)

Last Close -- 204.90; Support -- 200, 170; Resistance -- 225, 250

Trading Range: The scrip opened at 195.00, moved up to an intra-day high of 204.90, declined to an intra-day low of 192.60 and closed at 204.90.

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.

India Infoline (Daily)

Last Close -- 219.95; Support -- 200, 170; Resistance -- 300, 400

Trading Range: The scrip opened at 184.00, moved up to an intra-day high of 219.95, declined to an intra-day low of 184.00 and closed at 219.95.

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.

Himadri Chem. (Daily)

Last Close -- 189.45; Support -- 181, 168; Resistance -- 225, 250

Trading Range: The scrip opened at 173.00, moved up to an intra-day high of 189.45, declined to an intra-day low of 173.00 and closed at 189.45.

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.

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.