Stock picks for September 12

The market has come off from its intra-day high after facing profit booking at higher levels to end in negative territory.

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

Volume was mixed (read as turnover) while the undertone was cautious.

Sensex --Last Close: 4393.13 | Support: 4328, 4166 | Resistance: 4409, 4554

Trading Range -- The Sensex opened at 4423.71, moved up to an intra-day high of 4463.38, declined to an intra-day low of 4381.09 and closed at 4393.13.

Review/Outlook -- The Sensex has reflected weakness by giving a downward "key" reversal (bearish intra-day pattern) to end in negative territory while a further downside seems to be on the cards.

Tata Motors --Last Close: 285.25 | Support: 284, 260 | Resistance: 302, 328

Trading Range -- The scrip opened at 286.90, moved up to an intra-day high of 291.30, declined to an intra-day low of 284.15 and closed at 285.25.

Review/Outlook -- The scrip has reflected weakness by giving a downward "key" reversal (bearish intra-day pattern) and with the indicators looking down, a further downside seems to be on the cards.

Oriental Bank --Last Close: 190.10 | Support: 175, 150 | Resistance: 200, 250

Trading Range -- The scrip opened at 178.70, moved up to an intra-day high of 191.40, declined to an intra-day low of 177.10 and closed at 190.10.

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

ITC --Last Close: 820.30 | Support: 802, 729 | Resistance: 882, 963

Trading Range -- The scrip opened at 836.00, moved up to an intra-day high of 849.00, declined to an intra-day low of 816.00 and closed at 820.30.

Review/Outlook -- The scrip has reflected weakness by posting a downward "bar" reversal (bearish intra-day pattern) and with the oscillators looking negative, further depreciation seems to be on the cards.

IOC --Last Close: 409.60 | Support: 400, 320 | Resistance: 500, 600

Trading Range -- The scrip opened at 401.00, moved up to an intra-day high of 410.00, declined to an intra-day low of 400.00 and closed at 409.60.

Review/Outlook -- The scrip has reflected strength by posting an all time high 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, 188 214.15 219, 243 Sd HLL 183, 172 188.50 192, 203 Sd  INFOSYS 3977, 3468 4215.45 4360, 4816 Up  ITC 802, 729 820.30 882, 963 Sd MTNL 124, 115 129.80 139, 157 Tu RIL 407, 374 428.05 452, 500 Sd SATYAM 224, 199 242.10 253, 301 Up SBI 450, 415 451.40 488, 525 Tu TELCO 284, 260 285.25 302, 328 Sd TISCO 231, 220 258.60 260, 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