Stock picks for July 10

The market has come off sharply from its intra-day high to end in negative territory. Capital goods, consumer durables, FMCG, IT, pharma and PSUs all wilted under the selling onslaught while it was the banking sector which was the sole survivor to end positive.

Volume was slightly lower (read as turnover) while the undertone was subdued.

Sensex -- Last Close: 3620.79 | Support: 3545, 3467 | Resistance: 3651, 3759

Trading Range -- The Sensex opened at 3635.86, moved up to an intra-day high of 3644.88, declined to an intra-day low of 3604.96 and closed at 3620.79.

Review/Outlook -- The Sensex has reflected weakness by closing below a demand line and it seems to be getting slightly heavy at current levels while a cautious approach is advocated.

Bharat Forge -- Last Close: 357.45 | Support: 352, 332 | Resistance: 375, 400

Trading Range -- The scrip opened at 374.00, moved up to an intra-day high of 380.00, declined to an intra-day low of 354.00 and closed at 357.45.

Review/Outlook -- The scrip has reflected weakness by giving a downward "key" reversal (bearish intra-day pattern) and with the oscillators looking strong, a further upside seems possible.

ACC -- Last Close: 166.85 | Support: 166, 155 | Resistance: 175, 188

Trading Range -- The scrip opened at 170.55, moved up to an intra-day high of 170.80, declined to an intra-day low of 166.20 and closed at 166.85.

Review/Outlook -- The scrip reflected weakness by closing below a demand line and with the oscillators signalling a sell, a further downside cannot be ruled out.

SBI -- Last Close: 381.00 | Support: 380, 358 | Resistance – 415, 450

Trading Range -- The scrip opened at 389.80, moved up to an intra-day high of 389.80, declined to an intra-day low of 379.10 and closed at 381.00.

Review/Outlook -- The scrip has closed below a demand line and with the oscillators looking negative, further depreciation seems to be on the cards.

Hero Honda -- Last Close: 253.20 | Support: 235, 217 | Resistance: 254, 272

Trading Range -- The scrip opened at 258.00, moved up to an intra-day high of 259.00, declined to an intra-day low of 252.40 and closed at 253.20.

Review/Outlook -- The scrip has reflected weakness by closing below a demand line and with the indicators looking weak, a further downside seems to be on the cards.

Stock Track

Scrip Support Last Close Resistance Trend ACC 166, 155 166.85 175, 188 Sd HLL 163, 155 169.90 172, 183 Td INFOSYS 2985, 2405 3255.70 3468, 3977 Sd ITC 759, 729 768.85 802, 882 Sd MTNL 103, 95 113.00 115, 124 Td RIL 324, 302 326.25 345, 374 Td SATYAM 173, 149 187.50 199, 224 Td SBI 380, 358 381.00 415, 450 Td TELCO 199, 186 209.20 215, 232 Up TISCO 166, 150 172.15 175, 189 Sd 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