Stock picks for July 24

The market has staged a minor recovery to end in positive territory. Banks, capital goods, pharma, all came under pressure while consumer durables, FMCG, IT and PSUs held firm to end positive.

Volume registered an increase (read as turnover) while the undertone was hopeful.

Sensex --Last Close: 3577.89 | Support: 3545, 3467 | Resistance: 3651, 3759

Trading Range -- The Sensex opened at 3571.75, moved up to an intra-day high of 3596.59, declined to an intra-day low of 3551.98 and closed at 3577.89.

Review/Outlook -- The Sensex has appreciated on expected lines to end positive on higher volume. The intra-day day charts seem to be indicating towards further progress from an intra-day point of view.

BPCL --Last Close: 257.75 | Support: 249, 228 | Resistance: 272, 295

Trading Range -- The scrip opened at 256.50, moved up to an intra-day high of 259.90, declined to an intra-day low of 254.20 and closed at 257.75.

Review/Outlook -- The scrip has reflected strength by sustaining its positive momentum and with the oscillators looking better, further upside seems possible.

Hughes Software --Last Close: 283.40 | Support: 266, 248 | Resistance: 293, 320

Trading Range -- The scrip opened at 266.00, moved up to an intra-day high of 284.80, declined to an intra-day low of 265.50 and closed at 283.40.

Review/Outlook -- The scrip has reflected strength by sustaining its positive momentum and with the oscillators signalling a buy, a further upside cannot be ruled out.

NIIT --Last Close: 128.25 | Support: 126, 105 | Resistance: 141, 161

Trading Range -- The scrip opened at 124.15, moved up to an intra-day high of 129.00, declined to an intra-day low of 123.50 and closed at 128.25.

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

Shipping Corporation -- Last Close: 64.35 | Support: 62, 50 | Resistance: 73, 82

Trading Range -- The scrip opened at 63.40, moved up to an intra-day high of 64.60, declined to an intra-day low of 62.50 and closed at 64.35.

Review/Outlook -- The scrip has reflected strength by closing above a minor supply line with the indicators looking strong, a further upside seems to be on the cards.

Stock Track

Scrip Support Last Close Resistance Trend ACC 155, 148 165.60 166, 175 Td HLL 155, 141 158.95 163, 172 Sd INFOSYS 2985, 2405 3437.60 3468, 3977 Td ITC 665, 592 726.45 729, 759 Dt MTNL 103, 85 103.65 115, 124 Dt RIL 324, 302 329.95 345, 374 Sd SATYAM 173, 149 175.80 199, 224 Dt SBI 380, 358 397.90 415, 450 Td TELCO 199, 186 213.40 215, 232 Td TISCO 175, 166 186.70 189, 207 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