Stock picks for July 29

The market has continued its upward march but has come off a bit from its intra-day high to still end in positive territory.

Banks, capital goods, consumer durables, pharma, IT and PSUs were all gainers of the day while the FMCG sector was the sole one which suffered a reversal. Volume registered an increase (read as turnover) while the undertone was bullish.

Sensex --Last Close: 3739.76 | Support: 3651, 3545 | Resistance: 3759, 3895

Trading Range -- The Sensex opened at 3745.99, moved up to an intra-day high of 3775.65, declined to an intra-day low of 3730.07 and closed at 3739.76.

Review/Outlook -- The Sensex has ended in positive territory despite facing some selling pressure at higher levels. It might remain relatively range bound today while a close above the 3759 level could mean further upside.

ABB --Last Close: 394.90 | Support: 380, 362 | Resistance: 414, 461

Trading Range -- The scrip opened at 372.00, moved up to an intra-day high of 399.00, declined to an intra-day low of 372.00 and closed at 394.90.

Review/Outlook -- The scrip has reflected strength by posting a 44  month high and with the oscillators looking better, further upside seems possible.

Aventis Pharma --Last Close: 378.70 | Support: 365, 348 | Resistance: 394, 434

Trading Range -- The scrip opened at 369.90, moved up to an intra-day high of 382.00, declined to an intra-day low of 369.90 and closed at 378.70.

Review/Outlook -- The scrip has reflected strength by closing above a supply line and with the oscillators signalling a buy, a further upside cannot be ruled out.

Bata --Last Close: 43.35 | Support: 39, 33 | Resistance: 47, 59

Trading Range -- The scrip opened at 40.15, moved up to an intra-day high of 44.40, declined to an intra-day low of 40.15 and closed at 43.35.

Review/Outlook -- The scrip has given an upward breakout from a consolidation pattern and with the oscillators looking positive, further appreciation seems to be on the cards.

GlaxoSmithKline --Last Close: 381.30 | Support: 363, 336 | Resistance: 395, 437

Trading Range -- The scrip opened at 374.00, moved up to an intra-day high of 386.00, declined to an intra-day low of 370.70 and closed at 381.30.

Review/Outlook -- The scrip has closed above a horizontal supply line and with the indicators looking strong, a further upside seems to be on the cards.

Stock Track

Scrip Support Last Close Resistance Trend ACC 175, 166 179.45 188, 203 Sd HLL 163, 155 167.35 172, 183 Tu INFOSYS 3468, 2985 3528.80 3977, 4360 Tu ITC 729, 665 741.70 759, 802 Sd MTNL 103, 85 112.80 115, 124 Tu RIL 345, 324 345.20 374, 407 Tu SATYAM 199, 173 204.15 224, 253 Tu SBI 415, 380 424.90 450, 488 Sd TELCO 215, 199 229.40 232, 260 Tu TISCO 201, 189 203.00 220, 231 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