The market continued on its winning spree and has once again seen a positive closing. Banks remained under pressure, Textiles witnessed some amount of profit taking, PSUs cooled off a bit and pharma made some gains, but the surprise package of the day was the gains in infotech stocks. Volume dipped quite a bit, but the undertone was mixed.

Sensex -- Last Close -- 3206.38 | Support -- 3110, 3007 | Resistance  -- 3210, 3320

Trading Range  -- The Sensex opened at 3176.56, moved up to an intra-day high of 3220.14, declined to an intra-day low of 3170.38 and closed at 3206.38.

Review/Outlook  -- The Sensex has continued its upmove which has seen another smart closing, this time above the 3200 level. A further upside cannot be ruled out while intra-day resistance comes in at the 3234 level.

BHEL  -- Last Close  -- 257.65  | Support  -- 247, 234 | Resistance  -- 268, 282

Trading Range  -- The scrip opened at 258.50, moved up to an intra-day high of 260.00, declined to an intra-day low of 256.25 and closed at 257.65.

Review/Outlook  -- The scrip looks to be in a distribution pattern and with the oscillators looking weak, a further downside seems possible.

Crompton Greaves  -- Last Close  -- 060.55  | Support  -- 56, 50 | Resistance  --  064, 074

Trading Range  -- The scrip opened at 063.90, moved up to an intra-day high of 063.90, declined to an intra-day low of 060.50 and closed at 060.55.

Review/Outlook  --  The scrip has given a downward "bar" reversal (bearish intra-day pattern) and with the oscillators signalling a sell, a further downside cannot be ruled out. 

HLL -- Last Close  -- 158.45  | Support  -- 155, 141 | Resistance  -- 163, 172

Trading Range  -- The scrip opened at 157.60, moved up to an intra-day high of 158.90, declined to an intra-day low of 156.20 and closed at 158.45.

Review/Outlook – The scrip is in an intermediate uptrend and seems to have given a minor correction and with the oscillators looking positive, further appreciation seems to be on the cards.  

L & T -- Last Close  -- 226.50 | Support  -- 221, 207  | Resistance  -- 231, 249

Trading Range  -- The scrip opened at 224.90, moved up to an intra-day high of 227.35, declined to an intra-day low of 224.50 and closed at 226.50.

Review/Outlook  -- The scrip has reflected short-term strength by posting a 17-month high while a further upside seems to be on the cards.

Stock Track

Scrip Support Last Close Resistance Trend ACC 148, 143 149.15 155, 166 Up HLL 155, 141 158.45 163, 172 Up INFOSYS 2405, 1897 2807.30 2985, 3468 Tu ITC 665, 592 701.40 729, 802 Tu MTNL 95, 85 97.25 103, 115 Sd RIL 269, 242 294.70 302, 324 Up SATYAM 173, 149 177.40 199, 224 Tu SBI 333, 314 346.35 358, 380 Up TELCO 168, 155 172.90 179, 186 Tu TISCO 150, 139 157.25 166, 175 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, CMP - Current Market Price, 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. DISCLAIMER : While efforts have been made to ensure the accuracy of the information provided in this content, the authors shall not be held responsible for any loss, harm or injury arising in any manner whatsoever, including those arising directly, indirectly, consequentially or otherwise and whether financial, mental or otherwise, caused to any person whatsoever who accesses or uses or is supplied with the content (consisting of articles, information, analyses, etc.) provided at this site or who otherwise relies on such content. Readers are advised to cross verify the information and to also seek professional and expert advice before taking any decision based on the content provided above or acting on any recommendations made herein. The information or opinions provided herein are not a substitute for professional advice. Sebi Disclosure: The author has no positions in the stocks mentioned above