Stock picks for August 22

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

Banks, consumer durables, IT, pharma and PSUs all ended positive while it was the capital goods and the FMCG sector which were mildly negative.

Volume was mixed (read as turnover – BSE was up, NSE was down) while the undertone was bullish.

Sensex --Last Close: 4095.39 | Support: 4028, 3895 | Resistance: 4166, 4322

Trading Range -- The Sensex opened at 4075.17, moved up to an intra-day high of 4106.71, declined to an intra-day low of 4073.06 and closed at 4095.39.

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 bank and pharma sector, which are showing a fresh lease of life.

Gillette --Last Close: 535.00 | Support: 465, 381 | Resistance: 536, 640

Trading Range -- The scrip opened at 515.15, moved up to an intra-day high of 538.00, declined to an intra-day low of 511.20 and closed at 535.00.

Review/Outlook -- The scrip has reflected strength by giving an upward "bar" reversal (bullish intra-day pattern) and with the oscillators looking better, a further upside seems possible.

Ranbaxy --Last Close: 866.15 | Support: 865, 790 | Resistance: 925, 1000

Trading Range -- The scrip opened at 865.00, moved up to an intra-day high of 875.00, declined to an intra-day low of 858.20 and closed at 866.15.

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

Bank of Baroda --Last Close: 137.75 | Support: 127, 110 | Resistance: 140, 155

Trading Range -- The scrip opened at 132.90, moved up to an intra-day high of 138.00, declined to an intra-day low of 132.90 and closed at 137.75.

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.

Cadila Health --Last Close: 268.45 | Support: 256, 230 | Resistance: 300, 320

Trading Range -- The scrip opened at 256.00, moved up to an intra-day high of 271.70, declined to an intra-day low of 252.65 and closed at 268.45.

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, 188 218.45 219, 243 Up HLL 183, 172 189.40 192, 203 Up  INFOSYS 3468, 2985 3716.80 3977, 4360 Tu  ITC 759, 665 784.70 802, 882 Tu MTNL 124, 115 131.50 139, 157 Up RIL 345, 324 371.25 374, 407 Up SATYAM 199, 173 215.80 224, 253 Up SBI 415, 380 436.90 450, 488 Tu  TELCO 260, 232 262.10 284, 302 Up TISCO 231, 220 247.25 260, 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