Stock picks for August 20

The market has posted another new high to finish slightly mixed (BSE ended positive, while NSE ended negative).

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

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

Sensex ----- Last Close ----- 4006.91 ----- Support -- 3895, 3759 ----- Resistance -- 4028, 4166

Trading Range -- The Sensex opened at 3985.77, moved up to an intra-day high of 4026.27, declined to an intra-day low of 3981.92 and closed at 4006.91.

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 (despite some profit booking).

RIL ----- Last Close -- 369.80 ----- Support -- 345, 324 ----- Resistance -- 374, 407

Trading Range -- The scrip opened at 363.00, moved up to an intra-day high of 371.50, declined to an intra-day low of 360.30 and closed at 369.80.

Review/Outlook -- The scrip has reflected strength by posting a 25-month high and with the oscillators looking better, a further upside seems possible.

Ranbaxy ----- Last Close -- 842.65 ----- Support -- 790, 721 ----- Resistance -- 865, 925

Trading Range -- The scrip opened at 831.00, moved up to an intra-day high of 851.50, declined to an intra-day low of 831.00 and closed at 842.65.

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. 

HDFC Bank ----- Last Close -- 281.35 ----- Support -- 258, 240 ----- Resistance -- 295, 350

Trading Range -- The scrip opened at 278.90, moved up to an intra-day high of 282.00, declined to an intra-day low of 277.50 and closed at 281.35.

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.

Hughes Software -----  Last Close -- 309.05 ----- Support -- 293, 266 ----- Resistance -- 320, 367

Trading Range -- The scrip opened at 300.00, moved up to an intra-day high of 311.00, declined to an intra-day low of 300.00 and closed at 309.05.

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.