Stock picks for today

The market has had a decent opening but hasn't been able to sustain itself at higher levels to end the day in negative territory.

Capital Goods and FMCG have ended positive in varying degrees while Banks, Consumer Durables, Metals, Oil, Pharma, IT, Auto and PSUs have ended in negative territory. Volume registered a noticeable increase (read as turnover) while the undertone seemed mixed.

Sensex (Daily)
Last Close -- 11835.00 ; Support -- 11826, 11707Resistance -- 11931, 12000

Trading Range: The Sensex opened at 11968.80, moved up to an intra-day high of 12086.91, declined to an intra-day low of 11803.49 and closed at 11835.02.

Review/Outlook: The Sensex has shown some amount of intra-day weakness by closing in negative territory but surprisingly enough on higher volume by giving a downward key reversal. The outlook continues to remain positive, as the bigger picture remains quite solid while the intra-day picture seems to be under pressure again while an intra-day downside below the 11803 level can not be ruled out -- strong support comes in at lower levels.

Mangalam. Cem. (Daily)
Last Close -- 199.80; Support -- 175, 141; Resistance -- 200, 250

Trading Range: The scrip opened at 198.90, moved up to an intra-day high of 204.25, declined to an intra-day low of 196.20 and closed at 199.80.

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.

Godrej Ind. (Daily)
Last Close -- 655.60; Support -- 617, 543; Resistance -- 675, 700

Trading Range: The scrip opened at 608.00, moved up to an intra-day high of 655.60, declined to an intra-day low of 603.00 and closed at 655.60.

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.

Siel Ltd. (Daily)
Last Close -- 074.10; Support -- 064, 051; Resistance -- 081, 113

Trading Range: The scrip opened at 069.90, moved up to an intra-day high of 074.10, declined to an intra-day low of 069.90 and closed at 074.10.

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.

Elecon Eng. (Daily)
Last Close -- 1216.40; Support -- 1010, 909; Resistance -- 1237, 1420

Trading Range: The scrip opened at 1188.95, moved up to an intra-day high of 1216.40, declined to an intra-day low of 1153.00 and closed at 1216.40.

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.

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 be having positions in the stocks mentioned above.