Trading strategy for June 18

The market has given a scintillating rally to end sharply in positive territory. Banks were mixed, capital goods, consumer durables, FMCG and PSUs gained ground while IT was a smart mover but once again it was the pharma sector which roared ahead.

Volume was significantly higher (read as turnover) while the undertone was firm.

Sensex -- Last Close: 3431.03 | Support: 3400, 3320 | Resistance: 3467, 3537

Trading Range -- The Sensex opened at 3364.10, moved up to an intra-day high of 3435.68, declined to an intra-day low of 3362.34 and closed at 3431.03.

Review/Outlook -- The Sensex has staged a brilliant recovery on high volume; once again reaffirming the continuation of its uptrend while a further upside seems like a distinct possibility.

Bata -- Last Close: 40.05 | Support: 39, 33 | Resistance: 47, 58

Trading Range -- The scrip opened at 38.30, moved up to an intra-day high of 40.50, declined to an intra-day low of 38.20 and closed at 40.05.

Review/Outlook -- The scrip seems set to give an upward breakout from an accumulation pattern and with the oscillators looking strong, a further upside seems possible.

Century -- Last Close: 68.15 | Support: 68, 50 | Resistance: 80, 97

Trading Range -- The scrip opened at 65.20, moved up to an intra-day high of 68.65, declined to an intra-day low of 065.10 and closed at 068.15.

Review/Outlook -- The scrip has reflected strength by overcoming a supply line and with the oscillators signalling a buy, a further upside cannot be ruled out.

HCL Tech -- Last Close: 153.05 | Support: 139, 113 | Resistance: 165, 193

Trading Range -- The scrip opened at 149.80, moved up to an intra-day high of 154.40, declined to an intra-day low of 149.50 and closed at 153.05.

Review/Outlook -- The scrip has given an upward breakout from a consolidation phase and with the oscillators looking positive, further appreciation seems to be on the cards.

TVS Motor -- Last Close: 540.10 | Support: 514, 475 | Resistance: 570, 625

Trading Range -- The scrip opened at 522.00, moved up to an intra-day high of 542.00, declined to an intra-day low of 520.00 and closed at 540.10.

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.