Stock picks for July 30

The market has bounced back smartly from lower levels to once again end in positive territory.

Banks, capital goods, consumer durables, IT and PSUs, all ended marginally lower while FMCG and pharma ended on a positive note.

Volume registered a decrease (read as turnover) while the undertone was bullish.

Sensex --Last Close: 3764.44 | Support: 3759, 3651 | Resistance: 3895, 4028

Trading Range -- The Sensex opened at 3731.85, moved up to an intra-day high of 3771.35, declined to an intra-day low of 3694.94 and closed at 3764.44.

Review/Outlook -- The Sensex has rebounded sharply from its intra-day lows to give an upward "key" reversal (bullish intra-day pattern) on lower volume while intra-day appreciation could come in above the 3772 level.

Bombay Dyeing --Last Close: 69.25 | Support: 64, 59 | Resistance: 70, 86

Trading Range -- The scrip opened at 68.40, moved up to an intra-day high of 70.60, declined to an intra-day low of 66.00 and closed at 69.25.

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

India Cement --Last Close: 25.45 | Support: 23, 20 | Resistance: 27, 34

Trading Range -- The scrip opened at 24.05, moved up to an intra-day high of 25.75, declined to an intra-day low of 23.85 and closed at 25.45.

Review/Outlook -- The scrip has reflected strength by giving an upward "bar" reversal (bullish intra-day pattern) and with the oscillators signalling a buy, a further upside cannot be ruled out.

Bata --Last Close: 43.45 | Support: 39, 33 | Resistance: 47, 59

Trading Range -- The scrip opened at 44.00, moved up to an intra-day high of 44.00, declined to an intra-day low of 42.20 and closed at 43.45.

Review/Outlook -- The scrip has given an upward breakout from a consolidation pattern and with the oscillators looking positive, further appreciation seems to be on the cards.

GlaxoSmithKline --Last Close: 401.40 | Support: 395, 363 | Resistance: 437, 500

Trading Range -- The scrip opened at 385.00, moved up to an intra-day high of 404.00, declined to an intra-day low of 385.00 and closed at 401.40.

Review/Outlook -- The scrip has posted a 12 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 175, 166 187.60 188, 203 Tu HLL 163, 155 169.90 172, 183 Tu INFOSYS 3468, 2985 3590.95 3977, 4360 Tu ITC 729, 665 735.80 759, 802 Sd MTNL 115, 103 115.45 124, 132 Tu RIL 345, 324 347.80 374, 407 Tu SATYAM 173, 149 197.80 199, 224 Tu SBI 415, 380 429.85 450, 488 Tu TELCO 215, 199 230.45 232, 260 Up TISCO 201, 189 210.75 220, 231 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