Stock picks for today

The market has remained volatile, has come off its intra-day high and has finally ended the day in negative territory. Consumer Durables, FMCG, Healthcare, Auto, IT, Metals, Oil Banks, Capital Goods and PSU's have ended negative in varying degrees while no sector has ended in positive territory.

Volume registered a noticeable decrease (read as turnover) while the undertone seemed weak.

Sensex (Daily)

Last Close -- 13429.48; Support -- 13390, 13296;Resistance -- 13500, 13600

Trading Range: The Sensex opened at 13678.04, moved up to an intra-day high of 13678.04, declined to an intra-day low of 13383.43 and closed at 13429.48.

Review/Outlook: The Sensex has reflected near term strength to once again post a fresh all time high but has run into resistance in the proximity of the 13600 level to finally end in negative territory after coming off from its intra-day high on sharply lower volume. A range bound movement seems to be on the cards while an intra-day upside cannot be ruled out especially above the 13460 level while intra-day support comes in at the 13396 level.

Opto Circuit. (Daily)

Last Close -- 322.65; Support -- 306, 280; Resistance -- 331, 370

Trading Range: The scrip opened at 309.75, moved up to an intra-day high of 322.65, declined to an intra-day low of 302.00 and closed at 322.65.

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.

Atlanta Ltd. (Daily)

Last Close -- 579.35; Support -- 552, 501; Resistance -- 600, 650

Trading Range: The scrip opened at 578.35, moved up to an intra-day high of 579.35, declined to an intra-day low of 541.40 and closed at 579.35.

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.

Kanishk Steel. (Daily)

Last Close -- 086.75; Support -- 083, 075; Resistance -- 100, 125

Trading Range: The scrip opened at 084.40, moved up to an intra-day high of 086.75, declined to an intra-day low of 084.40 and closed at 086.75.

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.

Bombay Rayon. (Daily)

Last Close -- 266.65; Support -- 261, 236; Resistance -- 280, 310

Trading Range: The scrip opened at 253.00, moved up to an intra-day high of 273.80, declined to an intra-day low of 247.00 and closed at 266.65.

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.

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.