Trading strategy for June 9

The market has continued its winning spree and has once again ended the day with significant gains.

Banks remained subdued, consumer durables staged a smart recovery, FMCG, pharma and IT registered gains, while PSUs just about ended in positive territory.

Volume retreated a bit (read as turnover), while the undertone was firm.

Sensex -- Last Close -- 3303.24

Support -- 3210, 3110 | Resistance -- 3320, 3400

Trading Range -- The Sensex opened at 3270.06, moved up to an intra-day high of 3313.54, declined to an intra-day low of 3270.06 and closed at 3303.24.

Review/Outlook -- The Sensex has appreciated sharply to close above the psychologically important level of 3300. With the uptrend in motion, an intra-day upside above the 3314 level cannot be ruled out.

Exide -- Last Close -- 124.80 | Support -- 120, 112 | Resistance -- 130, 139

Trading Range -- The scrip opened at 130.00, moved up to an intra-day high of 130.00, declined to an intra-day low of 124.50 and closed at 124.80.

Review/Outlook -- The scrip has very nearly given a downward "bar" reversal (bearish intra-day pattern) and with the oscillators looking weak, a further downside seems possible.

GlaxoSmithKline Consumer -- Last Close -- 251.85 | Support -- 250, 232 | Resistance -- 260, 275

Trading Range -- The scrip opened at 242.05, moved up to an intra-day high of 252.50, declined to an intra-day low of 242.05 and closed at 251.85.

Review/Outlook -- The scrip has given an upward breakout from a consolidation phase and with the oscillators signalling a buy, a further upside cannot be ruled out.

Rolta -- Last Close -- 067.15 | Support -- 064, 056 | Resistance -- 070, 077

Trading Range -- The scrip opened at 062.00, moved up to an intra-day high of 068.00, declined to an intra-day low of 061.25 and closed at 067.15.

Review/Outlook -- The scrip has overcome the 55-day average after taking | Support on the 10-day average and with the oscillators looking positive, further appreciation seems to be on the cards.

TV 18 -- Last Close -- 084.75 | Support -- 079, 070 | Resistance -- 088, 113

Trading Range -- The scrip opened at 082.80, moved up to an intra-day high of 085.90, declined to an intra-day low of 079.00 and closed at 084.75.

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.

Stock Track

Scrip Support Last Close Resistance Trend ACC 148, 143 148.05 155, 166 Up HLL 155, 141 161.80 163, 172 Up INFOSYS 2405, 1897 2953 2985, 3468 Tu ITC 665, 592 705.80 729, 802 Tu MTNL 103, 95 103.25 115, 124 Tu RIL 302, 269 313.20 324, 345 Up SATYAM 173, 149 180.35 199, 224 Tu SBI 358, 333 365.90 380, 415 Tu TELCO 179, 168 181.15 186, 199 Up TISCO 150, 139 161.85 166, 175 Up 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.