Trading strategy for April 15

Though there has been some recovery in the second rung IT stocks, the heavyweights still remained under pressure. The undertone is still weak while the market searches for stability.

Sensex -- Last Close: 2997.87| Support: 2922, 2826 | Resistance: 3007, 3110

Trading Range: The Sensex opened at 3030.46, moved up to an intra-day high of 3048.07, declined to an intra-day low of 2962.97 and closed at 2997.87.

Review/Outlook: The Sensex has been battered down badly while the intra-day charts seem to suggest an oversold situation. It could remain range bound with a mild bias on the upside while a breach of the 2962 level could see more weakness coming in.

BPL -- Last Close: 26.60 | Support: 26, 24 | Resistance: 28, 26.60

Trading Range: The scrip opened at 25.40, moved up to an intra-day high of 27.10, declined to an intra-day low of 25.30 and closed at 26.60.

Review/Outlook: The scrip has staged an intra-day recovery after a 4 trading session decline. It has also closed above its resistance level of 26 indicating scope for a further upside.

MTNL -- Last Close: 94.40 | Support: 85, 63 | Resistance: 95, 103

Trading Range: The scrip opened at 101.00, moved up to an intra-day high of 101.35, declined to an intra-day low of 93.50 and closed at 94.40.

Review/Outlook: The scrip has reflected short-term weakness by closing below its support level of 95 and a further downside cannot be ruled out.

Sterlite Optical -- Last Close: 31.70 | Support: 30, 27.10 | Resistance: 33.65, 38.45

Trading Range: The scrip opened at 30.90, moved up to an intra-day high of 32.20, declined to an intra-day low of 30.00 and closed at 31.70.

Review/Outlook: The scrip has recovered smartly from lower levels to end in positive territory. This positive move seems set to spill over to today's trading session also.

Voltas -- Last Close: 50.00 | Support: 50, 47 | Resistance: 52.50, 55

Trading Range: The scrip opened at 52.00, moved up to an intra-day high of 52.50, declined to an intra-day low of 50.00 and closed at 50.00.

Review/Outlook: The scrip has breached a minor demand line indicating weakness while a breach of the psychologically important level of 50 could mean further downside.