Trading strategy for June 23

The market has posted a brilliant rally and has once again ended sharply in positive territory. Banks, capital goods, pharma, IT and PSU were all winners but it was the FMCG sector, which stole the limelight but consumer durables dipped some more.

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

Sensex -- Last Close: 3499.50 | Support: 3467, 3400 | Resistance: 3545, 3651

Trading Range -- The Sensex opened at 3450.57, moved up to an intra-day high of 3503.01, declined to an intra-day low of 3427.36 and closed at 3499.50.

Review/Outlook -- The Sensex has given an upward "bar" reversal (bullish intra-day pattern) and with the uptrend still in motion, further upside cannot be ruled out.

Indian Hotels -- Last Close: 248.35 | Support: 245, 231 | Resistance: 260, 281

Trading Range -- The scrip opened at 236.00, moved up to an intra-day high of 260.00, declined to an intra-day low of 222.30 and closed at 248.35.

Review/Outlook -- The scrip has reflected strength by posting a 25 month high and with the oscillators looking strong, a further upside seems possible.

Adani Exports -- Last Close: 182.20 | Support: 171, 160 | Resistance: 184, 195

Trading Range -- The scrip opened at 176.10, moved up to an intra-day high of 184.00, declined to an intra-day low of 176.10 and closed at 182.20.

Review/Outlook -- The scrip has reflected strength by giving an upward breakout from a consolidation pattern and with the oscillators signalling a buy, a further upside cannot be ruled out.

Bhel -- Last Close: 269.20 | Support: 268, 247 | Resistance: 282, 321

Trading Range -- The scrip opened at 263.10, moved up to an intra-day high of 270.80, declined to an intra-day low of 260.30 and closed at 269.20.

Review/Outlook -- The scrip has given an upward "key" reversal (bullish intra-day pattern) and with the oscillators looking positive, further appreciation seems to be on the cards.

Moser Baer -- Last Close: 327.75 | Support: 310, 284 | Resistance: 329, 360

Trading Range -- The scrip opened at 316.50, moved up to an intra-day high of 330.00, declined to an intra-day low of 314.00 and closed at 327.75.

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