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Stock picks of the day

June 12, 2006 09:25 IST

The market has staged a marvellous recovery from lower levels and has ended the day clearly in positive territory. Banks, Capital Goods, Auto, Metals, PSU's, FMCG, Pharma, Oil, Consumer Durables and IT have ended positive in varying degrees while no sector has ended in negative territory. Volume registered a noticeable decrease (read as turnover) while the undertone seemed hopeful.

Sensex (Daily)

Last Close - 9810.46 | Support - 9665, 9547 | Resistance - 9820, 9880

Trading Range - The Sensex opened at 9270.78, moved up to an intra-day high of 9849.20, declined to an intra-day low of 9262.20 and closed at 9810.46.

Review/Outlook - The Sensex has staged a rather surprising and sharp recovery without breaching the previous trading session's low to end in positive territory but confusingly enough on lower volume.  The outlook remains hazy and despite the extreme volatility, a range bound movement cannot be ruled out while an intra-day upside could come in only below the 9849 level.             

Ennore Found. (Daily)

Last Close - 127.65 | Support - 124, 080 | Resistance - 136, 195

Trading Range - The scrip opened at 110.00, moved up to an intra-day high of 127.65, declined to an intra-day low of 108.00 and closed at 127.65.

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. 

ABC Bearings. (Daily)

Last Close - 102.30 | Support - 096, 063 | Resistance - 107, 130

Trading Range - The scrip opened at 090.00, moved up to an intra-day high of 102.30, declined to an intra-day low of 090.00 and closed at 102.30.

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.     

Stovec Ind. (Daily)

Last Close - 105.05 | Support - 101, 072 | Resistance - 117, 142

Trading Range - The scrip opened at 090.00, moved up to an intra-day high of 105.05, declined to an intra-day low of 090.00 and closed at 105.05.

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.     

Clariant Chemicals (Daily)

Last Close - 255.50 | Support - 243, 221 | Resistance - 282, 318 

Trading Range - The scrip opened at 236.00, moved up to an intra-day high of 255.50, declined to an intra-day low of 236.00 and closed at 255.50.

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

Daily Stock Track

Scrip

Support

Last Close

Resistance

Trend

ACC

750, 724

753.80

793, 829

Sd

DR. REDDY

1150, 1089

1216.15

1225, 1282

Os

HLL

203, 192

207.90

216, 224

Dt 

INFOSYS

2769, 2650

2788.30

2813, 2938

Dt 

ITC

155, 144

160.50

168, 180

Dt

RIL

897, 858

922.10

925, 949

Dt

SATYAM

616, 594

623.15

645, 678

Dt

SBI

725, 695

771.45

784, 809

Dt

T MOTORS

749, 722

756.50

771, 811

Td

TISCO

452, 437

456.25

466, 480

Os 

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.

Hemen Kapadia, Morpheus Inc