Stock picks for September 30

The market has continued to forge ahead and it has once again ended in positive territory.

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

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

Sensex --Last Close: 4402.05 | Support: 4328, 4166 | Resistance: 4409, 4554

Trading Range -- The Sensex opened at 4392.87, moved up to an intra-day high of 4426.30, declined to an intra-day low of 4385.54 and closed at 4402.05.

Review/Outlook -- The Sensex has continued its upward march but has come off slightly from its intra-day high to still end on a positive note. The Sensex might remain relatively range bound today.

Ashok Leyland --Last Close: 183.05 | Support: 159, 123 | Resistance: 190, 225

Trading Range -- The scrip opened at 178.90, moved up to an intra-day high of 184.25, declined to an intra-day low of 178.90 and closed at 183.05.

Review/Outlook -- The scrip has reflected strength by posting a 103-month high and with the indicators looking positive, a further upside seems to be on the cards.

RIL --Last Close: 434.45 | Support: 407, 374 | Resistance: 452, 500

Trading Range -- The scrip opened at 427.00, moved up to an intra-day high of 436.40, declined to an intra-day low of 427.00 and closed at 434.45.

Review/Outlook -- The scrip has reflected strength by entering a short-term uptrend and with the indicators looking positive, a further upside seems to be on the cards.

Punjab Tractors --Last Close: 192.30 | Support: 187, 165 | Resistance: 222, 250

Trading Range -- The scrip opened at 189.00, moved up to an intra-day high of 193.95, declined to an intra-day low of 187.50 and closed at 192.30.

Review/Outlook -- The scrip has reflected strength by overcoming a "working" supply line and with the indicators looking positive, a further upside seems to be on the cards.

L&T --Last Close: 320.20 | Support: 300, 279 | Resistance: 330, 360

Trading Range -- The scrip opened at 315.00, moved up to an intra-day high of 321.25, declined to an intra-day low of 315.00 and closed at 320.20.

Review/Outlook -- The scrip has reflected strength by giving an upward breakout from a consolidation pattern and with the indicators looking positive, a further upside seems to be on the cards.

Stock Track

Scrip Support Last Close Resistance Trend ACC 188, 175 202.00 203, 219 Tu HLL 172, 163 179.80 183, 192 Tu INFOSYS 4360, 3977 4473.65 4816, 5600 Up ITC 802, 729 812.65 882, 963 Tu MTNL 115, 103 121.70 124, 139 Tu RIL 407, 374 434.45 452, 500 Tu SATYAM 224, 199 246.35 253, 301 Tu SBI 415, 380 442.70 450, 488 Tu TATA MOTORS 302, 284 305.90 328, 357 Tu TISCO 260, 231 268.65 295, 316 Tu 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.