Stock picks for August 19

The market has posted another new high to finish on a euphoric note in positive territory.

Banks, capital goods, FMCG, consumer durables, IT and PSUs all ended positive, while it was pharma that ended slightly negative.

Volume was mixed (BSE ended negative while NSE ended slightly positive - read as turnover) while the undertone was bullish.

Sensex ----- Last Close ----- 3977.73 -- Support ----- 3895, 3759 -- Resistance ----- 4028, 4166

Trading Range ----- The Sensex opened at 3932.37, moved up to an intra-day high of 3985.46, declined to an intra-day low of 3928.17 and closed at 3977.73.

Review/Outlook ----- The Sensex has once again posted a new high (a 29 month high) while the intermediate uptrend goes from strength to strength ----- a further upside seems to be on the cards.

ABB ----- Last Close ----- 466.20 Support ----- 461, 414 ---- Resistance ----- 532, 621

Trading Range ----- The scrip opened at 425.00, moved up to an intra-day high of 496.00, declined to an intra-day low of 425.00 and closed at 466.20.

Review/Outlook ----- The scrip has reflected strength by posting a 52-month high and with the oscillators looking better, a further upside seems possible.

Burroughs Wellcome ----- Last Close ----- 482.05  ----- Support ----- 450, 420  ----- Resistance ----- 490, 512

Trading Range ----- The scrip opened at 467.00, moved up to an intra-day high of 489.50, declined to an intra-day low of 465.60 and closed at 482.05.

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

Kochi Refineries ----- Last Close ----- 115.45  ----- Support ----- 103, 083  ----- Resistance ----- 121, 146

Trading Range ----- The scrip opened at 109.00, moved up to an intra-day high of 121.90, declined to an intra-day low of 107.00 and closed at 115.45.

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.  

Bajaj Auto ----- Last Close ----- 712.70  ----- Support ----- 707, 630  ----- Resistance ----- 850, 999

Trading Range ----- The scrip opened at 675.00, moved up to an intra-day high of 729.00, declined to an intra-day low of 668.00 and closed at 712.70.

Review/Outlook ----- The scrip has reflected strength by giving an upward breakout from a consolidation phase and with the indicators looking strong, a further upside seems to be on the cards.