Trading startegy for June 6

The market has forged ahead and registered sharp gains for another positive closing. Banks took a battering and gave up most of previous session's gains while PSUs also came under pressure.

Consumer durables took a hit while FMCG, pharma and select IT stocks sparkled. Volume was also better (read as turnover) while the undertone was mixed.

Sensex -- Last Close: 3262.20 | Support: 3210, 3110 | Resistance: 3320, 3400

Trading Range -- The Sensex opened at 3233.05, moved up to an intra-day high of 3274.45, declined to an intra-day low of 3233.05 and closed at 3262.20.

Review/Outlook -- The Sensex has extended its gains while it has reflected strength by moving up with a gap. An intra-day upside above the 3275 level seems to be possible while the trend remains up and intact.

ABB -- Last Close: 346.05 | Support: 330, 318 | Resistance: 350, 362

Trading Range -- The scrip opened at 340.00, moved up to an intra-day high of 347.00, declined to an intra-day low of 338.00 and closed at 346.05.

Review/Outlook -- The scrip has recovered sharply from its intra-day low and with the oscillators looking strong, a further upside seems possible.

Bata -- Last Close: 37.55 | Support: 33, 30 | Resistance: 39, 47

Trading Range -- The scrip opened at 38.35, moved up to an intra-day high of 38.35, declined to an intra-day low of 37.20 and closed at 37.55.

Review/Outlook -- The scrip has given a downward "key" reversal (bearish intra-day pattern) and with the oscillators signalling a sell, a further downside cannot be ruled out.

Bank of Baroda -- Last Close: 107.30 | Support: 106, 091 | Resistance: 115, 127

Trading Range -- The scrip opened at 110.90, moved up to an intra-day high of 116.90, declined to an intra-day low of 106.20 and closed at 107.30.

Review/Outlook -- The scrip has given a downward "bar" reversal (bearish intra-day pattern) and with the oscillators looking negative, further depreciation seems to be on the cards.

United Breweries -- Last Close: 20.95 | Support: 19, 16 | Resistance: 22, 28

Trading Range -- The scrip opened at 20.25, moved up to an intra-day high of 21.10, declined to an intra-day low of 19.60 and closed at 20.95.

Review/Outlook -- The scrip has reflected strength by giving an upward breakout from a consolidation pattern while a further upside seems to be on the cards.