Trading strategy for June 24

The market wilted under selling pressure to end in negative territory. Banks were mixed, capital goods, FMCG, pharma, IT and PSUs were all losers, while consumer durables just about ended positive.

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

Sensex -- Last Close -- 3461.38 | Support -- 3400, 3320 | Resistance -- 3467, 3545

Trading Range -- The Sensex opened at 3500.19, moved up to an intra-day high of 3510.11, declined to an intra-day low of 3457.44 and closed at 3461.38.

Review/Outlook -- The Sensex has given a downward "key" reversal (bearish intra-day pattern) on lower volume, muddling the picture a bit and could remain range bound today.

ABB -- Last Close -- 366.35 | Support -- 362, 350   | Resistance -- 380, 414

Trading Range -- The scrip opened at 376.75, moved up to an intra-day high of 376.75, declined to an intra-day low of 362.00 and closed at 366.35.

Review/Outlook -- The scrip has given a downward "bar" reversal (bearish intra-day pattern) and with the oscillators looking weak, a further downside seems possible.

Aventis Pharma -- Last Close -- 340.65 | Support -- 330, 305 | Resistance -- 348, 365

Trading Range -- The scrip opened at 328.00, moved up to an intra-day high of 342.00, declined to an intra-day low of 328.00 and closed at 340.65.

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. 

Bata -- Last Close -- 040.95 | Support -- 039, 033 | Resistance -- 047, 059

Trading Range -- The scrip opened at 039.00, moved up to an intra-day high of 042.50, declined to an intra-day low of 038.50 and closed at 040.95.

Review/Outlook -- The scrip has reflected strength by overcoming a supply line and with the oscillators looking positive, further appreciation seems to be on the cards.  

Apollo Hospitals -- Last Close -- 122.90 | Support -- 120, 106 | Resistance -- 132, 144

Trading Range -- The scrip opened at 119.50, moved up to an intra-day high of 123.60, declined to an intra-day low of 118.15 and closed at 122.90.

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.