Trading strategy for June 20

The market has posted another new high and has capitalised on the consolidation of its gains.

Banks were back in the thick of action, capital goods, FMCG, and PSUs, all were net gainers while consumer durables, pharma and IT came under pressure to concede dround.

Volume was marginally lower (read as turnover) while the undertone was firm.

Sensex -- Last Close: 3454.60 | Support: 3400, 3320 | Resistance: 3467, 3537

Trading Range -- The Sensex opened at 3429.00, moved up to an intra-day high of 3467.26, declined to an intra-day low of 3429.00 and closed at 3454.60.

Review/Outlook -- The Sensex has recovered smartly from its minor correction to forge ahead once again while the outlook hasn't changed (trend remains up) while a further upside seems possible.

Indian Hotels -- Last Close: 263.35 | Support: 231, 205 | Resistance: 245, 260

Trading Range -- The scrip opened at 235.00, moved up to an intra-day high of 239.00, declined to an intra-day low of 224.55 and closed at 236.35.

Review/Outlook -- The scrip has reflected strength by posting a 23 month high and with the oscillators looking strong, a further upside seems possible.

ITC -- Last Close: 734.25 | Support: 729, 665 | Resistance: 759, 802

Trading Range -- The scrip opened at 734.00, moved up to an intra-day high of 741.00, declined to an intra-day low of 726.50 and closed at 734.25.

Review/Outlook -- The scrip has reflected strength by sustaining its upward breakout and with the oscillators signalling a buy, a further upside cannot be ruled out.

Raymonds -- Last Close: 118.40 | Support: 111, 100 | Resistance: 121, 133

Trading Range -- The scrip opened at 114.00, moved up to an intra-day high of 118.70, declined to an intra-day low of 114.00 and closed at 118.40.

Review/Outlook -- The scrip has entered a short term uptrend and with the oscillators looking positive, further appreciation seems to be on the cards.

Moser Baer -- Last Close: 316.10 | Support: 310, 284 | Resistance: 329, 360

Trading Range -- The scrip opened at 310.00, moved up to an intra-day high of 318.50, declined to an intra-day low of 310.00 and closed at 316.10.

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