Stock picks of today

The market has run into stiff resistance at higher levels to end sharply in negative territory. Banks, capital goods, consumer durables, FMCG, IT and PSUs all ended negative in varying degrees while it was the Pharma sector which lost maximum ground.

Volume registered a sharp decrease (read as turnover) while the undertone seemed panicky.

Sensex (Daily)

Last Close -- 7920.80 -- Support -- 7843, 7790 -- Resistance -- 7983, 8083

Trading Range: The Sensex opened at 8096.49, moved up to an intra-day high of 8126.27, declined to an intra-day low of 7898.41 and closed at 7920.80.

Review/Outlook: The Sensex has faced selling pressure from the 55 Week EMA and has declined severely to give a downward key reversal (bearish signal) indicating the possibility of a further downside especially below the 7898 level.

ACC (Daily)

Last Close -- 449.00 -- Support -- 420, 398 -- Resistance -- 450, 477

Trading Range: The scrip opened at 449.90, moved up to an intra-day high of 454.10, declined to an intra-day low of 446.00 and closed at 449.00.

Review/Outlook: The scrip has reflected weakness by cooling off from its intra-day high and with the indicators looking negative, a further downside seems to be on the cards.

Arvind Mills (Daily)

Last Close -- 116.25 -- Support -- 101, 089 -- Resistance -- 119, 128

Trading Range: The scrip opened at 120.00, moved up to an intra-day high of 120.60, declined to an intra-day low of 114.10 and closed at 116.25.

Review/Outlook: The scrip has reflected weakness by declining from higher levels and with the indicators looking negative, a further downside seems to be on the cards. 

Techno Elec. & Engg. Co. (Daily)

Last Close -- 259.90 -- Support -- 240, 220 -- Resistance -- 260, 290

Trading Range: The scrip opened at 258.00, moved up to an intra-day high of 259.90, declined to an intra-day low of 255.00 and closed at 259.90.

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.  

Elnet Tech. (Daily)                                                         

Last Close -- 061.70 -- Support -- 059, 055   --  Resistance -- 063, 069

Trading Range: The scrip opened at 056.95, moved up to an intra-day high of 061.70, declined to an intra-day low of 056.95 and closed at 061.70.

Review/Outlook: The scrip has reflected strength by taking support on the 59 level 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.