Stock picks for August 7

The market has continued its downward movement to once again end in negative territory.

Banks, capital goods, consumer durables, FMCG and IT all came under selling pressure to end the day on a weak note while pharma and PSUs just about ended positive.

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

Sensex --Last Close: 3741.66 | Support: 3651, 3545 | Resistance: 3759, 3895

Trading Range -- The Sensex opened at 3754.65, moved up to an intra-day high of 3798.87, declined to an intra-day low of 3722.08 and closed at 3741.66.

Review/Outlook -- The Sensex has declined on even higher volume than the previous trading session which does not augur well for the Sensex and with the mechanical indicators reflecting weakness, further downside seems possible.

Castrol --Last Close: 210.85 | Support: 207, 185 | Resistance: 215, 233

Trading Range -- The scrip opened at 202.55, moved up to an intra-day high of 212.00, declined to an intra-day low of 202.50 and closed at 210.85.

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

EIH --Last Close: 193.15 | Support: 180, 155 | Resistance: 200, 223

Trading Range -- The scrip opened at 188.00, moved up to an intra-day high of 193.50, declined to an intra-day low of 180.15 and closed at 193.15.

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

BPCL --Last Close: 262.25 | Support: 249, 228 | Resistance: 272, 295

Trading Range -- The scrip opened at 268.00, moved up to an intra-day high of 272.85, declined to an intra-day low of 261.30 and closed at 262.25.

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

Oriental Bank --Last Close: 154.40 | Support: 150, 135 | Resistance: 175, 200

Trading Range -- The scrip opened at 158.00, moved up to an intra-day high of 161.90, declined to an intra-day low of 153.60 and closed at 154.40.

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.