Trading strategy for April 17

A hesitant and scrip specific recovery is underway while trading can be expected to be lacklustre in view of the long weekend. IT major Wipro announces its results today, which could have an impact on the market sentiment.

Sensex -- Last Close: 3032.32 | Support: 3007, 2922 | Resistance: 3110, 3210

Trading Range - The Sensex opened at 3005.35, moved up to an intra-day high of 3037.30, declined to an intra-day low of 3000.72 and closed at 3032.32.

Review/Outlook  - The Sensex has finally ended its losing streak to finish in positive territory and an intra-day upside above the 3038 level cannot be ruled out.

Cipla -- Last Close: 734.15 | Support: 730, 716 | Resistance: 747, 758

Trading Range - The scrip opened at 748.00, moved up to an intra-day high of 748.00, declined to an intra-day low of 732.05 and closed at 734.15.

Review/Outlook - The scrip has spent the last 4 trading sessions in trying to overcome the 10-day average but has failed to do so. A weak closing yesterday seems to indicate further downside today.

Nicholas Piramal -- Last Close: 215.35 | Support: 211, 205 | Resistance: 219, 228

Trading Range - The scrip opened at 211.85, moved up to an intra-day high of 216.90, declined to an intra-day low of 211.00 and closed at 215.35.

Review/Outlook - The scrip has been receiving support from the 210 level for the past 6 trading sessions and has perked up only yesterday. The oscillators look positive and a further upside cannot be ruled out.

Hindalco -- Last Close: 592.90 | Support: 590, 574 | Resistance: 600, 614

Trading Range - The scrip opened at 582.00, moved up to an intra-day high of 293.10, declined to an intra-day low of 579.30 and closed at 592.90.

Review/Outlook - The scrip has finally managed to overcome the 590 level after much ado on the daily chart indicating the probability of further appreciation from these levels.

LIC Housing Finance -- Last Close: 73.95 | Support: 70, 66 | Resistance: 75, 81

Trading Range - The scrip opened at 71.90, moved up to an intra-day high of 74.15, declined to an intra-day low of 71.90 and closed at 73.95.

Review/Outlook - The scrip has moved up to a higher plane after a 6 trading session consolidation phase and looks set to continue this positive movement further.