Trading strategy for June 19

The market has continued the good work and sort of consolidated its gains. Banks were under pressure, capital goods, consumer durables, FMCG, IT and PSUs, all gained ground in varying degrees while for a change it was the pharma sector which witnessed profit booking.

Volume dipped a tad (read as turnover) while the undertone was firm.

Sensex -- Last Close: 3430.96 | Support: 3400, 3320 | Resistance: 3467, 3537

Trading Range -- The Sensex opened at 3440.69, moved up to an intra-day high of 3452.73, declined to an intra-day low of 3417.74 and closed at 3430.96.

Review/Outlook -- The Sensex has witnessed some profit booking at higher levels and barely ended in negative territory. The outlook remains same while a further upside seems possible.

Asian Paints -- Last Close: 382.95 | Support: 375, 344 | Resistance: 401, 425

Trading Range -- The scrip opened at 375.05, moved up to an intra-day high of 383.50, declined to an intra-day low of 375.05 and closed at 382.95.

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.

ITC -- Last Close: 729.00 | Support: 725, 665 | Resistance: 759, 802

Trading Range -- The scrip opened at 717.90, moved up to an intra-day high of 737.00, declined to an intra-day low of 717.50 and closed at 729.70.

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

Raymonds -- Last Close: 114.70 | Support: 111, 100 | Resistance: 121, 133

Trading Range -- The scrip opened at 113.40, moved up to an intra-day high of 117.00, declined to an intra-day low of 111.10 and closed at 114.70.

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: 574.80 | Support: 570, 514 | Resistance: 625, 660

Trading Range -- The scrip opened at 545.00, moved up to an intra-day high of 583.00, declined to an intra-day low of 545.00 and closed at 574.80.

Review/Outlook -- The scrip has reflected strength by posting a 39 month high and with the indicators looking firm, a further upside seems to be on the cards.