Trading strategy for June 17

The market has ended the day on a weak note to finish in negative territory. Banks were mixed, capital goods, IT, consumer durables and FMCG all reeled under the onslaught and retreated in varying degrees.

PSU's just about ended positive while Pharma was clearly the winner and posted a new high. Volume dipped again (read as turnover) while the undertone was subdued.

Sensex -- Last Close: 3336.64 | Support: 3320, 3210 | Resistance: 3400, 3467

Trading Range -- The Sensex opened at 3358.38, moved up to an intra-day high of 3361.98, declined to an intra-day low of 3325.44 and closed at 3336.64.

Review/Outlook -- The Sensex has come off rather sharply from its intra-day high (albeit on lower volume) and has breached the previous trading session's intra-day low while a further downside cannot be entirely ruled out.

Arvind Mills -- Last Close: 38.90 | Support: 35, 28 | Resistance: 41, 50

Trading Range -- The scrip opened at 36.50, moved up to an intra-day high of 39.50, declined to an intra-day low of 35.80 and closed at 38.90.

Review/Outlook -- The scrip has given an upward "bar" reversal (bullish intra-day pattern) and with the oscillators looking strong, a further upside seems possible.

Amara Raja -- Last Close: 73.75 | Support: 68, 62 | Resistance: 74, 88

Trading Range -- The scrip opened at 72.00, moved up to an intra-day high of 74.80, declined to an intra-day low of 69.50 and closed at 73.75.

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.

McDowell -- Last Close: 49.55 | Support: 46, 38 | Resistance: 51, 62

Trading Range -- The scrip opened at 48.50, moved up to an intra-day high of 50.40, declined to an intra-day low of 47.50 and closed at 49.55.

Review/Outlook -- The scrip has reflected strength by posting a 9 month high and with the oscillators looking positive, further appreciation seems to be on the cards.

HDFC -- Last Close: 394.75 | Support: 379, 345 | Resistance: 425, 500

Trading Range -- The scrip opened at 385.00, moved up to an intra-day high of 395.90, declined to an intra-day low of 381.00 and closed at 394.75.

Review/Outlook -- The scrip given an upward breakout from a consolidation phase and with the indicators looking firm, a further upside seems to be on the cards.