Stock picks for today

The market has remained in a mixed state of mind, has come off its intra-day high and has finally ended the day in negative territory. Capital Goods, Healthcare & Metal have ended positive in varying degrees while Banks, Consumer Durables, FMCG, IT, PSU, Auto & Oil have ended in negative territory.

Volume registered a distinct increase (read as turnover) while the undertone seemed upbeat.

Sensex (Daily)

Last Close – 13285.93; Support – 13135, 13030; Resistance – 13296, 13390

Trading Range: The Sensex opened at 13343.57, moved up to an intra-day high of 13386.95, declined to an intra-day low of 13196.90, and closed at 13285.93.

Review/Outlook: The Sensex has reflected a significant amount of strength by appreciating with a rather strong opening but has run into stiff resistance at higher levels from an earlier bearish gap, has come off from its intra-day high and has finally ended the day in negative territory on clearly higher volume. Volatility can be the order of the day; intra-day upside could come in only above 13351 level but sustainability above the 13390 level seems like a debatable issue indicating the possibility of some pressure, which could get accentuated below the 13259 level.

Wartsila Ind. (Daily)

Last Close – 577.05; Support – 575, 511; Resistance – 600, 650

Trading Range: The scrip opened at 541.00, moved up to an intra-day high of 577.05, declined to an intra-day low of 540.00 and closed at 577.05.

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.

Muller & Phipps. (Daily)

Last Close – 197.50; Support – 183, 164; Resistance – 198, 227

Trading Range: The scrip opened at 197.80, moved up to an intra-day high of 197.80, declined to an intra-day low of 180.25 and closed at 197.50.

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.

IST Limited. (Daily)

Last Close – 282.70; Support – 256, 209 Resistance – 342, 407

Trading Range: The scrip opened at 282.70, moved up to an intra-day high of 282.70, declined to an intra-day low of 270.00 and closed at 282.70.

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.

Schrader Duncan. (Daily)

Last Close – 165.00; Support – 157, 133 Resistance – 169, 202

Trading Range: The scrip opened at 163.95, moved up to an intra-day high of 165.00, declined to an intra-day low of 162.00 and closed at 165.00.

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.