Trading strategy for June 12

The market has staged a smart recovery to end in positive territory. Banks were back in contention, capital goods registered sharp gains, consumer durables, FMCG remained under pressure while pharma, IT and PSUs staged a recovery of sorts.

Volume dipped sharply (read as turnover) while the undertone was hopeful.

Sensex -- Last Close: 3314.60 | Support: 3210, 3110 | Resistance: 3320, 3400

Trading Range -- The Sensex opened at 3289.36, moved up to an intra-day high of 3327.61, declined to an intra-day low of 3287.72 and closed at 3314.60.

Review/Outlook -- The Sensex recovery has been mired by doubt due to extremely low volume while it has remained within the previous day's trading range. A closing above the 3350 level is a must if the market has to continue its upmove.

ABB -- Last Close: 378.80 | Support: 362, 350 | Resistance: 380, 414

Trading Range -- The scrip opened at 363.00, moved up to an intra-day high of 395.00, declined to an intra-day low of 362.55 and closed at 378.80.

Review/Outlook -- The scrip is in an intermediate uptrend and with the oscillators looking strong, a further upside seems possible.

Aventis Pharma -- Last Close: 333.80 | Support: 330, 305 | Resistance: 348, 365

Trading Range -- The scrip opened at 330.00, moved up to an intra-day high of 336.00, declined to an intra-day low of 327.00 and closed at 333.80.

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.

Siemens -- Last Close: 378.95 | Support: 368, 344 | Resistance: 397, 422

Trading Range -- The scrip opened at 360.05, moved up to an intra-day high of 384.00, declined to an intra-day low of 360.05 and closed at 378.95.

Review/Outlook -- The scrip has reflected strength by posting a 34 month high and with the oscillators looking positive, further appreciation seems to be on the cards.

Tata Tea -- Last Close: 225.35 | Support: 224, 199 | Resistance: 236, 254

Trading Range -- The scrip opened at 229.70, moved up to an intra-day high of 229.70, declined to an intra-day low of 225.00 and closed at 225.35.

Review/Outlook -- The scrip has reflected weakness by giving a "black" candle (bearish intra-day pattern) while a further downside seems to be on the cards.