Stock picks for August 12

The market has continued to forge ahead and has once again ended the day in positive territory.

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

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

Sensex --Last Close: 3893.41 | Support: 3759, 3651 | Resistance: 3895, 4028

Trading Range -- The Sensex opened at 3842.14, moved up to an intra-day high of 3915.90, declined to an intra-day low of 3842.14 and closed at 3893.41.

Review/Outlook -- The Sensex continues its upward march with virtually no respite in sight and with the intermediate uptrend holding firm and solid, a further upside seems to be on the cards.

ABB --Last Close: 409.05 | Support: 380, 362 | Resistance: 414, 461

Trading Range -- The scrip opened at 399.00, moved up to an intra-day high of 415.00, declined to an intra-day low of 395.00 and closed at 409.05.

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: 70.25 | Support: 60, 50 | Resistance: 80, 110

Trading Range -- The scrip opened at 68.10, moved up to an intra-day high of 71.60, declined to an intra-day low of 66.65 and closed at 70.25.

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

GlaxoSmithKline --Last Close: 416.95 | Support: 395, 363 | Resistance: 437, 500

Trading Range -- The scrip opened at 411.50, moved up to an intra-day high of 417.75, declined to an intra-day low of 408.00 and closed at 416.95.

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.

Adani Exports --Last Close: 192.55 | Support: 184, 171 | Resistance: 195, 223

Trading Range -- The scrip opened at 185.00, moved up to an intra-day high of 194.00, declined to an intra-day low of 184.00 and closed at 192.55.

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.