Stock picks of the day

The market has had a volatile trading session to basically move down from open to close and has finally ended the day in negative territory. Banks, Consumer Durables, Pharma, PSU and Capital Goods have ended positive in varying degrees while FMCG, IT, Auto, Metal & Oil have ended in negative territory. Volume registered a noticeable decrease (read as turnover) while the undertone seemed better.

Sensex (Daily)

Last Close - 10680.23 | Support - 10662, 10556 | Resistance - 10740, 10884

Trading Range - The Sensex opened at 10787.65, moved up to an intra-day high of 10787.65, declined to an intra-day low of 10603.83 and closed at 10680.23.

Review/Outlook - The Sensex has run into selling pressure at higher levels and has declined from its intra-day high to end in negative territory after managing to sustain above the 55 Day EMA and has once again closed above it on lower volume. The outlook seems to be improving and despite the extreme volatility, a range bound movement cannot be ruled out while the intra-day charts would seem to suggest an upside above the 10787 level while intra-day downside could come in below the 10603 level.           

Binani Ind. (Daily)                                                

Last Close - 159.10 | Support - 125, 095 | Resistance - 162, 200

Trading Range - The scrip opened at 147.00, moved up to an intra-day high of 159.10, declined to an intra-day low of 146.10 and closed at 159.10.

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.                                     

Godrej Ind. (Daily)                                                

Last Close - 457.95 | Support - 423, 383 | Resistance - 474, 543

Trading Range - The scrip opened at 445.00, moved up to an intra-day high of 458.10, declined to an intra-day low of 440.00 and closed at 457.95.

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. 

Bombay Burmah. (Daily)                                        

Last Close - 265.20 | Support - 265, 242  | Resistance - 315, 437

Trading Range - The scrip opened at 265.20, moved up to an intra-day high of 265.20, declined to an intra-day low of 260.90 and closed at 265.20.

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.              

Rajshree Sug. (Daily)                                             

Last Close - 111.75 | Support - 108, 089 | Resistance - 149, 200    

Trading Range - The scrip opened at 110.25, moved up to an intra-day high of 111.75, declined to an intra-day low of 110.25 and closed at 111.75.

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.        

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 even be having contrary positions in the stocks mentioned above.  
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