Stock picks for August 21

The market has posted another new high to finish once again on a strong footing in positive territory.

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

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

Sensex --Last Close: 4056.60 | Support: 4028, 3895 | Resistance: 4166, 4322

Trading Range -- The Sensex opened at 4027.60, moved up to an intra-day high of 4066.03, declined to an intra-day low of 4027.60 and closed at 4056.60.

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 while it is the IT sector which is showing a fresh lease of life.

Polaris Software --Last Close: 114.65 | Support: 80, 59 | Resistance: 117, 145

Trading Range -- The scrip opened at 109.50, moved up to an intra-day high of 116.00, declined to an intra-day low of 109.50 and closed at 114.65.

Review/Outlook -- The scrip has reflected strength by closing above the 10 and 55-day averages and with the oscillators looking better, a further upside seems possible.

Ranbaxy --Last Close: 858.10 | Support: 790, 721| Resistance: 865, 925

Trading Range -- The scrip opened at 850.00, moved up to an intra-day high of 869.00, declined to an intra-day low of 850.00 and closed at 858.10.

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.

Oriental Bank --Last Close: 181.35 | Support: 175, 150 | Resistance: 200, 250

Trading Range -- The scrip opened at 172.00, moved up to an intra-day high of 182.00, declined to an intra-day low of 172.00 and closed at 181.35.

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: 315.10 | Support: 293, 266 | Resistance: 320, 367

Trading Range -- The scrip opened at 309.50, moved up to an intra-day high of 319.90, declined to an intra-day low of 309.50 and closed at 315.10.

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.

Stock Track

Scrip Support Last Close Resistance Trend ACC 203, 188 217.40 219, 243 Up HLL 192, 183 193.15 203, 224 Up  INFOSYS 3468, 2985 3673.10 3977, 4360 Tu  ITC 759, 665 763.60 802, 882 Tu MTNL 124, 115 127.20 139, 157 Up RIL 345, 324 368.45 374, 407 Up SATYAM 199, 173 211.10 224, 253 Tu SBI 415, 380 437.05 450, 488 Tu  TELCO 232, 215 258.65 260, 284 Up TISCO 231, 220 243.15 260, 295 Sd 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