Stock picks for August 11

The market has continued to forge ahead and has ended the week on an euphoric note in positive territory.

Banks, capital goods, consumer durables, pharma, FMCG, IT and PSUs all participated in the rally and ended positive.

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

Sensex --Last Close: 3883.76 | Support: 3759, 3651 | Resistance: 3895, 4028

Trading Range -- The Sensex opened at 3824.26, moved up to an intra-day high of 3890.78, declined to an intra-day low of 3823.39 and closed at 3883.76.

Review/Outlook -- The Sensex has reflected strength to post a 29 month high to end the week on a strong footing again. The volume too has improved, lending further credibility to the rally while a further upside seems to be on the cards.

ABB --Last Close: 404.30 | Support: 380, 362 | Resistance: 414, 461

Trading Range -- The scrip opened at 381.95, moved up to an intra-day high of 406.50, declined to an intra-day low of 381.00 and closed at 404.30.

Review/Outlook -- The scrip has reflected strength by posting a 45 month high and with the oscillators looking better, a further upside seems possible.

Chennai Petroleum --Last Close: 68.85 | Support: 60, 50 | Resistance: 80, 110

Trading Range -- The scrip opened at 65.40, moved up to an intra-day high of 70.30, declined to an intra-day low of 64.10 and closed at 68.85.

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

Crompton Greaves --Last Close: 84.80 | Support: 74, 64 | Resistance: 88, 111

Trading Range -- The scrip opened at 83.00, moved up to an intra-day high of 85.00, declined to an intra-day low of 81.00 and closed at 84.80.

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

BEML --Last Close: 86.35 | Support: 84, 76 | Resistance: 93, 107

Trading Range -- The scrip opened at 087.00, moved up to an intra-day high of 088.70, declined to an intra-day low of 086.00 and closed at 086.35.

Review/Outlook -- The scrip has reflected strength by closing above the 10 and 55 day averages and with the indicators looking strong, a further upside seems to be on the cards.

Stock Track

Scrip Support Last Close Resistance Trend ACC 203, 188 205.65 219, 243 Up HLL 163, 155 168.20 172, 183 Sd INFOSYS 3468, 2985 3556.65 3977, 4360 Sd  ITC 759, 665 762.10 802, 882 Tu  MTNL 115, 103 121.60 124, 139 Up RIL 345, 324 363.50 374, 407 Tu  SATYAM 199, 173 204.85 224, 253  Sd SBI 415, 380 422.15 450, 488 Td  TELCO 232, 215 245.50 260, 284 Up TISCO 231, 220 233.00 260, 295 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