Stock picks for today

The market has run into renewed selling pressure at higher levels to end sharply in negative territory. The consumer durables sector has ended positive while banks, capital goods, FMCG, IT, pharma and the PSU sector have all ended in negative territory in varying degrees.

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

Sensex (Daily)
Last Close – 8823.31; Support – 8822, 8772; Resistance – 8960, 9034

Trading Range -- The Sensex opened at 8965.83, moved up to an intra-day high of 9010.73, declined to an intra-day low of 8803.37 and closed at 8823.31.

Review/Outlook -- The Sensex has reflected some amount of weakness after not being able to decisively breach the 9000 level on the upside but to complicate matters this decline has been accompanied by sharply lower volume making it slightly unreliable. A range bound movement cannot be ruled out.

Harita Seat. (Daily)
Last Close -- 160.35; Support -- 157, 140; Resistance -- 175, 205 

Trading Range -- The scrip opened at 151.95, moved up to an intra-day high of 160.35, declined to an intra-day low of 151.95 and closed at 160.35.

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.

Tech. Ele. Eng. (Daily)
Last Close -- 170.50; Support -- 161, 146; Resistance -- 172, 199

Trading Range -- The scrip opened at 161.05, moved up to an intra-day high of 170.50, declined to an intra-day low of 161.05 and closed at 170.50.

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. 

Uni-Abex Alloy (Daily)
Last Close -- 141.75; Support -- 137, 124; Resistance -- 145, 163

Trading Range -- The scrip opened at 138.00, moved up to an intra-day high of 141.75, declined to an intra-day low of 137.00 and closed at 141.75.

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.

Ashapura Mine. (Daily)
Last Close -- 755.05; Support -- 751, 693; Resistance -- 771, 852 

Trading Range -- The scrip opened at 738.00, moved up to an intra-day high of 755.05, declined to an intra-day low of 725.00 and closed at 755.05.

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.  

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.