Stock pick for July 11

The market has staged a stunning recovery to end sharply in positive territory. Consumer durables, FMCG and pharma all remained subdued and under pressure.

On the other hand, banks, capital goods and PSUs remained positive but it was the IT sector, which stole the thunder with a superb move.

Volume was sharply higher (read as turnover) while the undertone was firm.

Sensex -- Last Close: 3679.63 | Support: 3651, 3545 | Resistance: 3759, 3895

Trading Range -- The Sensex opened at 3639.42, moved up to an intra-day high of 3684.18, declined to an intra-day low of 3639.42 and closed at 3679.63.

Review/Outlook -- The Sensex has completely reversed the situation (obviously inspired by Infosys) with a brilliant comeback and seems back on course with its intermediate uptrend.

BSES -- Last Close: 289.85 | Support: 290, 268 | Resistance: 328, 392

Trading Range -- The scrip opened at 287.60, moved up to an intra-day high of 292.90, declined to an intra-day low of 285.00 and closed at 289.85.

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

IDBI -- Last Close: 39.65 | Support: 39, 34 | Resistance: 50, 62

Trading Range -- The scrip opened at 38.00, moved up to an intra-day high of 40.15, declined to an intra-day low of 37.50 and closed at 39.65.

Review/Outlook -- The scrip reflected strength by closing above a supply line and with the oscillators signalling a buy, a further upside cannot be ruled out.

Polaris Soft -- Last Close: 116.35 | Support: 80, 59 | Resistance: 117, 145

Trading Range -- The scrip opened at 112.10, moved up to an intra-day high of 119.20, declined to an intra-day low of 108.55 and closed at 116.35.

Review/Outlook – The scrip has closed above a supply line and with the oscillators looking positive, further appreciation seems to be on the cards.

Telco -- Last Close: 215.35 | Support: 215, 199 | Resistance: 232, 260

Trading Range -- The scrip opened at 211.50, moved up to an intra-day high of 216.50, declined to an intra-day low of 200.00 and closed at 215.35.

Review/Outlook -- The scrip has reflected strength by posting a 42 month high and with the indicators looking strong, a further upside seems to be on the cards.

Stock Track

Scrip Support Last Close Resistance Trend ACC 166, 155 174.70 175, 188 Tu HLL 163, 155 169.55 172, 183 Td INFOSYS 3468, 2985 3614.50 3977, 4360 Tu ITC 759, 729 763.05 802, 882 Sd MTNL 103, 95 113.65 115, 124 Td RIL 324, 302 334.25 345, 374 Sd SATYAM 199, 173 206.20 224, 253 Tu SBI 380, 358 386.90 415, 450 Sd TELCO 215, 199 215.35 232, 260 Up TISCO 175, 166 177.30 189, 207 Tu 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