Stock picks for September 22

The stock market has staged a smart recovery after bouncing back from its intra-day lows to end in positive territory.

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

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

Sensex -- Last Close --   4217.12 -- Support  --  4166, 4028    -- Resistance    4328, 4409

Trading Range --    The Sensex opened at 4159.72, moved up to an intra-day high of 4224.73, declined to an intra-day low of 4097.55 and closed at 4217.12.

Review/Outlook --   The Sensex has reflected minor strength by giving an upward "key" reversal (bullish intra-day pattern) and is expected to appreciate further in intra-day movements while the sustainability of such a move is suspect.

ACC -- Last Close  --  184.25 -- Support  --  175, 166 -- Resistance  --  188, 203

Trading Range --   The scrip opened at 185.00, moved up to an intra-day high of 188.75, declined to an intra-day low of 178.15 and closed at 184.25.

Review/Outlook  --  The scrip has reflected intra-day strength by giving an upward 'key' reversal (bullish intra-day pattern) and despite the indicators looking negative, a further upside seems to be on the cards. 

BEL -- Last Close  --  448.00 -- Support  --  422, 395 -- Resistance  --  455, 493

Trading Range  --  The scrip opened at 435.00, moved up to an intra-day high of 453.80, declined to an intra-day low of 422.00 and closed at 448.00.

Review/Outlook  --  The scrip has reflected intra-day strength by giving an upward "key" reversal (bullish intra-day pattern) and despite the indicators looking negative, a further upside seems to be on the cards. 

Polaris Software -- Last Close  --  130.30 -- Support  --  117, 080 -- Resistance  --  145, 163

Trading Range  --  The scrip opened at 129.00, moved up to an intra-day high of 133.00, declined to an intra-day low of 125.70 and closed at 130.30.

Review/Outlook  --  The scrip has reflected intra-day strength by giving an upward "key" reversal (bullish intra-day pattern) and despite the indicators looking negative, a further upside seems to be on the cards.  

RIL -- Last Close    405.20 -- Support --   374, 345 -- Resistance --   407, 452

Trading Range  --  The scrip opened at 395.00, moved up to an intra-day high of 406.50, declined to an intra-day low of 391.80 and closed at 405.20.

Review/Outlook  --  The scrip has reflected intra-day strength by giving an upward "key" reversal (bullish intra-day pattern) and despite the indicators looking negative, a further upside seems to be on the cards.