The market has virtually gone into a tailspin after opening at decent levels to end sharply in negative territory. Banks, pharma, FMCG, IT, consumer durables, PSUs and capital goods all ended quite negative in varying degrees.
Volume registered a decrease (read as turnover) while the undertone was panicky.
Sensex -- Last Close -- 4134.15 -- Support -- 4028, 3895 -- Resistance -- 4166, 4328
Trading Range -- The Sensex opened at 4243.01, moved up to an intra-day high of 4251.54, declined to an intra-day low of 4126.22 and closed at 4134.15.
Review/Outlook -- The Sensex has reflected weakness by entering a short-term downtrend and with the mechanical indicators also in a similar position, a further downside seems to be on the cards.
Hindalco -- Last Close -- 846.75 -- Support -- 828, 759 -- Resistance -- 865, 957
Trading Range -- The scrip opened at 895.00, moved up to an intra-day high of 895.00, declined to an intra-day low of 845.00 and closed at 846.75.
Review/Outlook -- The scrip seems to have given a downward breakout by closing below a demand line and with the indicators looking negative, a further downside seems to be on the cards.
Jindal Steel -- Last Close -- 738.95 -- Support -- 686, 635 -- Resistance -- 750, 832
Trading Range -- The scrip opened at 780.00, moved up to an intra-day high of 782.80, declined to an intra-day low of 729.00 and closed at 738.95.
Review/Outlook -- The scrip has reflected weakness by closing below a tried and tested demand line and with the indicators looking weak, a further downside seems to be on the cards.
Oriental Bank -- Last Close -- 162.70 -- Support -- 150, 120 -- Resistance -- 175, 200
Trading Range -- The scrip opened at 173.45, moved up to an intra-day high of 174.70, declined to an intra-day low of 162.00 and closed at 162.70.
Review/Outlook -- The scrip has reflected weakness by entering an intermediate downtrend and with the indicators looking weak, a further downside seems to be on the cards.
Videocon International -- Last Close -- 060.95 -- Support -- 058, 040 -- Resistance -- 075, 105
Trading Range -- The scrip opened at 063.25, moved up to an intra-day high of 064.00, declined to an intra-day low of 060.55 and closed at 060.95.
Review/Outlook -- The scrip has reflected weakness by entering a short-term downtrend and with the indicators looking weak, a further downside seems to be on the cards.
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