Stock picks of the day

The market has remained in a weak state of mind, has come off its intra-day high and has finally ended the day in negative territory. Banks, Healthcare, Consumer Durables, Metal, Oil, Realty, FMCG, Auto, Capital Goods & PSU have ended negative in varying degrees while IT has ended in positive territory. Volume registered a noticeable decrease (read as turnover) while the undertone seemed panicky.

Sensex (Daily)                                                                     

Last Close - 14293.32 | Support - 14046, 13800 | Resistance - 14431, 14732

Trading Range - The Sensex opened at 14423.05, moved up to an intra-day high of 14510.55, declined to an intra-day low of 14163.45 and closed at 14293.32. 

Review/Outlook - The Sensex has had a weak trading session, has had a negative opening, has moved just one way, has faced selling pressure even at lower levels, has come off from its intra - day high and has finally ended sharply in negative territory on lower volume.

Volatility can be the order of the day; an intra-day upside (seems like a possibility) could come in above the 14297 level while significant resistance at higher levels (14500) - would limit the upside. The outlook has turned weak again while resistance comes in at the 15800+ level and support comes in at the 13800 level.  

Renuka Sugar. (Daily)                                                 

Last Close - 103.10 | Support - 101, 084 | Resistance - 129, 148

Trading Range - The scrip opened at 099.75, moved up to an intra-day high of 109.25, declined to an intra-day low of 099.75 and closed at 103.10.

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

Praj Industries. (Daily)                                                

Last Close - 176.80 | Support - 165, 149 | Resistance - 189, 211

Trading Range - The scrip opened at 180.60, moved up to an intra-day high of 186.40, declined to an intra-day low of 173.15 and closed at 176.80.

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

Parsvnath. (Daily)                                               

Last Close - 143.80 | Support - 138, 112 | Resistance - 169, 214

Trading Range - The scrip opened at 150.50, moved up to an intra-day high of 151.45, declined to an intra-day low of 143.00 and closed at 143.80.

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

Ntpc Limited. (Daily)                                               

Last Close - 162.05 | Support - 155, 141 | Resistance - 169, 184

Trading Range - The scrip opened at 155.00, moved up to an intra-day high of 164.95, declined to an intra-day low of 155.00 and closed at 162.05.

Review/Outlook - The scrip has reflected weakness by depreciating from its intra-day high 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.

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Sebi Disclosure: The author is an active market participant and could not only be having positions but could even be having contrary positions in the stocks mentioned above.