Stock picks of the day

The market has run into selling pressure to basically come off its intra-day high and has finally ended the day in negative territory. Banks, IT, FMCG, Pharma, Oil, Capital Goods & PSU's have ended negative in varying degrees while Metals, Consumer Durables & Auto have ended in positive territory. Volume registered a noticeable increase (read as turnover) while the undertone seemed subdued.

Sensex (Daily)

Last Close - 11853.85 | Support - 11826, 11707 | Resistance - 11931, 12054

Trading Range - The Sensex opened at 11893.33, moved up to an intra-day high of 11921.30, declined to an intra-day low of 11815.43 and closed at 11853.85.

Review/Outlook - The Sensex has faced alternate bouts of both, buying and selling, has come off its intra-day low to end in negative territory on clearly higher volume and has managed to close above the 11000 level for the twenty second trading session in a row. The outlook seems to be improving and despite the extreme volatility, a range bound movement cannot be ruled out while the intra-day charts seem to be pointing towards a limited downward bias but only below the 11815 level today - the sanctity of the 11620 level needs to be maintained at all times.        

Natco Pharma. (Daily) 

Last Close - 118.10 | Support - 113, 099 | Resistance - 121, 146

Trading Range - The scrip opened at 114.40, moved up to an intra-day high of 118.10, declined to an intra-day low of 114.40 and closed at 118.10.

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. 

Gitanjali Gems. (Daily)

Last Close - 206.10 | Support - 200, 169 | Resistance - 211, 268

Trading Range - The scrip opened at 200.00, moved up to an intra-day high of 206.10, declined to an intra-day low of 197.20 and closed at 206.10.

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.        

Mather Platt. (Daily)

Last Close - 139.60 | Support - 125, 087 | Resistance - 160, 183

Trading Range - The scrip opened at 135.10, moved up to an intra-day high of 139.95, declined to an intra-day low of 135.10 and closed at 139.60.

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.        

Elnet Tech. (Daily)

Last Close - 084.15 | Support - 080, 056 | Resistance - 104, 129 

Trading Range - The scrip opened at 079.80, moved up to an intra-day high of 084.45, declined to an intra-day low of 078.00 and closed at 084.15.

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.

Sebi Disclosure: The author is an active market participant and could even be having contrary positions in the stocks mentioned above.