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Stock picks of the day

September 24, 2007 08:58 IST

The market has remained in a positive state of mind, has come off its intra-day low and has finally ended the day in positive territory. Banks, IT, Tech, Oil, PSU, Realty, Capital Goods, Auto & Metals have ended positive in varying degrees while Consumer Durables, FMCG & Healthcare have ended in negative territory. Volume registered a noticeable increase (read as turnover) while the undertone seemed bullish.

Sensex (Daily)                                                                     

Last Close - 16564.23 | Support - 16500, 16300 | Resistance - 16700, 16900

Trading Range - The Sensex opened at 16352.32, moved up to an intra-day high of 16616.84, declined to an intra-day low of 16308.09 and closed at 16564.23. 

Review/Outlook - The Sensex has had a positive trading session, has had a strong opening, has appreciated after receiving buying support even at higher levels, has come off from its intra - day low and has finally ended in positive territory on clearly higher volume. Volatility can be the order of the day; an intra-day upside (seems like a possibility) could come in above the 16617 level while resistance at higher levels (16800) - would limit the upside. The outlook has turned bullish again while resistance comes in at the 17200+ level and support comes in at the 15350 level.  

Hindoostan Spg. (Daily)                                                          

Last Close - 082.80 | Support - 071, 054 | Resistance - 091, 112

Trading Range - The scrip opened at 081.80, moved up to an intra-day high of 082.80, declined to an intra-day low of 079.05 and closed at 082.80.

Review/Outlook - The scrip has reflected strength by appreciating from its intra-day low and with the indicators looking positive, a further upside seems to be on the cards.   

Swan Mills. (Daily)                                                     

Last Close - 115.05 | Support - 108, 071 | Resistance - 126, 150

Trading Range - The scrip opened at 112.00, moved up to an intra-day high of 115.45, declined to an intra-day low of 108.95 and closed at 115.05.

Review/Outlook - The scrip has reflected strength by appreciating from its intra-day low and with the indicators looking positive, a further upside seems to be on the cards.  

Cravatex Ltd. (Daily)                                          

Last Close - 167.00 | Support - 139, 111 | Resistance - 179, 210

Trading Range - The scrip opened at 165.00, moved up to an intra-day high of 167.00, declined to an intra-day low of 165.00 and closed at 167.00.

Review/Outlook - The scrip has reflected strength by appreciating 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 - 308.55 | Support - 294, 244 | Resistance - 324, 417

Trading Range - The scrip opened at 281.55, moved up to an intra-day high of 308.55, declined to an intra-day low of 280.55 and closed at 308.55.

Review/Outlook - The scrip has reflected strength by appreciating 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

1099, 1075

1132.90

1155, 1192

Tu

DR. REDDY

610, 579

639.85

645, 669

Os

HUL

216, 203

218.85

224, 240

Up

INFOSYS

1785, 1723

1821.95

1834, 1878

Tu

ITC

180, 168

190.80

193, 213

Up

RIL

2200, 2100

2274.40

2300, 2400

Up

SATYAM

406, 385

418.85

425, 443

Dt

SBI

1800, 1760

1808.25

1900, 2000

Up

T MOTORS

722, 698

741.00

749, 771

Up

TISCO

731, 695

740.80

750, 800

Up

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 not only be having positions but could even be having contrary positions in the stocks mentioned above.  

Hemen Kapadia, Morpheus Inc.