Stock picks for August 6

The market has come off sharply from its intra-day high to end sharply in negative territory.

Banks, capital goods, consumer durables, FMCG, pharma, IT and PSUs all came under severe selling pressure to end the day on a disappointed note.

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

Sensex --Last Close: 3765.82 | Support: 3759, 3651 | Resistance: 3895, 4028

Trading Range -- The Sensex opened at 3845.93, moved up to an intra-day high of 3878.72, declined to an intra-day low of 3761.84 and closed at 3765.82.

Review/Outlook -- The Sensex has shown unsustainability at higher levels to not only reverse the early gains but ended in negative territory. It has given a downward "bar" reversal (bearish intra-day pattern) on higher volume indicating further weakness today.

Castrol --Last Close: 204.40 | Support: 185, 177 | Resistance: 207, 215

Trading Range -- The scrip opened at 201.00, moved up to an intra-day high of 206.40, declined to an intra-day low of 200.00 and closed at 204.40.

Review/Outlook -- The scrip has reflected strength to close above a supply line and with the oscillators looking better, a further upside seems possible.

Indian Rayon --Last Close: 167.80 | Support: 157, 145 | Resistance: 171, 217

Trading Range -- The scrip opened at 164.35, moved up to an intra-day high of 169.50, declined to an intra-day low of 162.20 and closed at 167.80.

Review/Outlook -- The scrip is in the midst of an intermediate uptrend and with the oscillators signalling a buy, a further upside cannot be ruled out.

Hinduja TMT --Last Close: 215.50 | Support: 205, 181 | Resistance: 238, 259

Trading Range -- The scrip opened at 225.80, moved up to an intra-day high of 225.80, declined to an intra-day low of 214.50 and closed at 215.50.

Review/Outlook -- The scrip has reflected weakness by closing below the 10 and 55 day averages and with the oscillators looking negative, further depreciation seems to be on the cards.

Oriental Bank --Last Close: 157.80 | Support: 150, 135 | Resistance: 175, 200

Trading Range -- The scrip opened at 170.00, moved up to an intra-day high of 170.80, declined to an intra-day low of 157.10 and closed at 157.80.

Review/Outlook -- The scrip has given a downward breakout from a consolidation phase and with the indicators looking weak, a further downside seems to be on the cards.

Stock Track

Scrip Support Last Close Resistance Trend ACC 188, 175 195.05 203, 219 Up HLL 155, 141 162.75 163, 172 Sd INFOSYS 3468, 2985 3732.15 3977, 4360 Up ITC 729, 665 730.55 759, 802 Sd MTNL 115, 103 120.90 124, 139 Up RIL 345, 324 346.70 374, 407 Sd SATYAM 199, 173 205.15 224, 253  Up SBI 380, 358 414.70 415, 450 Sd TELCO 232, 215 233.35 260, 284 Up TISCO 201, 189 216.05 220, 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