Trading strategy for May 15

The market has finally responded (positively) and this time around, not only the second rung stocks (they have continued to forge ahead) but also the mainline stocks have gained ground. Movers of the day were the capital goods, FMCG, PSUs, textiles and auto ancillaries (including tyres) while volume dipped and the undertone was positive.

Sensex -- Last Close: 2993.94 | Support: 2922, 2826 | Resistance: 3007, 3110

Trading Range -- The Sensex opened at 2959.51, moved up to an intra-day high of 2997.64, declined to an intra-day low of 2959.91 and closed at 2993.94.

Review/Outlook -- The Sensex has moved up sharply and the intra-day charts seem to point towards a continuation of this positive momentum. Intra-day resistance comes in at the 3000 – 3007 levels.

Adani Exports -- Last Close: 126.95 | Support: 125, 120 | Resistance: 132, 145

Trading Range -- The scrip opened at 123.50, moved up to an intra-day high of 129.00, declined to an intra-day low of 123.50 and closed at 126.95.

Review/Outlook -- The scrip has reflected strength by closing above the 10 and 55 day averages while a further upside seems possible.

Bata -- Last Close: 28.40 | Support: 27.45, 25 | Resistance: 30, 33

Trading Range -- The scrip opened at 27.25, moved up to an intra-day high of 28.50, declined to an intra-day low of 27.00 and closed at 28.40.

Review/Outlook -- The scrip has closed above a supply line and with the mechanical indicators supporting the move, a further upside cannot be ruled out.

Indian Hotel -- Last Close: 124.60 | Support: 185, 176 | Resistance: 199, 201

Trading Range -- The scrip opened at 192.50, moved up to an intra-day high of 194.95, declined to an intra-day low of 191.25 and closed at 194.60.

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

Polaris Soft -- Last Close: 135.10 | Support: 132, 117 | Resistance: 145, 163

Trading Range -- The scrip opened at 133.00, moved up to an intra-day high of 135.90, declined to an intra-day low of 131.40 and closed at 135.10.

Review/Outlook -- The scrip has overcome a supply line and the 55 day average simultaneously and with the oscillators supporting the move, a further upside cannot be ruled out.