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Stock picks of the day

September 08, 2006 09:49 IST

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

Scrip

Support

Last Close

Resistance

Trend

ACC

924, 892

947.15

979, 1022

Tu

DR. REDDY

700, 671

727.50

733, 757

Tu

HLL

224, 216

238.15

240, 252

Tu

INFOSYS

1800, 1721

1804.20

1900, 2000

Up

ITC

180, 168

186.00

190, 210

Up

RIL

1109, 1083

1125.55

1136, 1171

Tu

SATYAM

770, 752

796.90

810, 830

Tu

SBI

926, 900

938.70

950, 1000

Up

T MOTORS

888, 849

897.35

944, 900

Up

TISCO

500, 480

521.90

530, 550

Sd

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.

Hemen Kapadia, Morpheus Inc