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Stock picks of the day

October 09, 2007 09:34 IST
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. Consumer Durables, Auto, Metals, Banks, FMCG, PSU, Realty, Healthcare, Capital Goods, Oil & Tech have ended negative in varying degrees while the IT sector has ended in positive territory. Volume registered a noticeable decrease (read as turnover) while the undertone seemed sombre.

Sensex (Daily)

Last Close - 17491.39 | Support – 17361, 17188| Resistance – 17494, 17953

Trading Range - The Sensex opened at 17901.94, moved up to an intra-day high of 17982.59, declined to an intra-day low of 17322.14 and closed at 17491.39. 

Review/Outlook - The Sensex has had a mixed trading session, has had a good opening, has moved both ways, has faced selling pressure at higher levels, has come off from its intra - day high and has finally ended in negative territory on clearly lower volume. Volatility can be the order of the day; an intra-day downside (seems like a possibility) could come in below the 17322 level while support at lower levels (17144) – would limit the downside. The outlook has turned bullish again while resistance comes in at the 19200+ level and support comes in at the 16800 level. 

Panch. Steel. (Daily)    

Last Close - 310.50 | Support – 275, 228 | Resistance - 325, 350

Trading Range - The scrip opened at 255.00, moved up to an intra-day high of 318.00, declined to an intra-day low of 225.10 and closed at 310.50.

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.   

Ifb Agro. (Daily)

Last Close - 098.85 | Support – 095, 077 | Resistance - 102, 116

Trading Range - The scrip opened at 098.90, moved up to an intra-day high of 100.10, declined to an intra-day low of 094.00 and closed at 098.85.

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.  

Pan Packaging. (Daily)

Last Close - 428.85 | Support - 408, 375| Resistance - 450, 500

Trading Range - The scrip opened at 418.00, moved up to an intra-day high of 428.85, declined to an intra-day low of 417.00 and closed at 428.85.

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.     

Birla Kenna. (Daily)

Last Close - 550.25 | Support - 550, 500 | Resistance - 600, 650

Trading Range - The scrip opened at 534.90, moved up to an intra-day high of 560.00, declined to an intra-day low of 520.30 and closed at 550.25.

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

1115.10

1155, 1192

Sd

DR. REDDY

610, 579

629.10

645, 669

Sd

HUL

216, 203

221.05

224, 240

Sd

INFOSYS

1962, 1883

2000.45

2009, 2061

Up

ITC

168, 155

178.50

180, 193

Td

RIL

2364, 2309

2416.95

2426, 2500

Up

SATYAM

443, 425

455.55

471, 496

Up

SBI

1782, 1760

1782.65

1837, 1877

Up

T MOTORS

749, 722

764.40

771, 811

Up

TISCO

762, 731

789.00

808, 875

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.