Trading strategy for June 26

The market has given a scintillating rally to end sharply in positive territory. Cement, banks, capital goods, pharma, consumer durables, FMCG and PSUs were all torch bearers of the move while IT just about gained ground.

Volume was high (read as turnover) while the undertone was solid.

Sensex -- Last Close: 3517.27 | Support: 3467, 3400 | Resistance: 3545, 3651

Trading Range -- The Sensex opened at 3456.85, moved up to an intra-day high of 3526.86, declined to an intra-day low of 3456.85 and closed at 3517.27.

Review/Outlook -- The Sensex has given a breath taking rally on higher volume which would once again reaffirm the continuation of its uptrend and also indicate a further upside today.

HLL -- Last Close: 176.05 | Support: 172, 163 | Resistance: 183, 192

Trading Range -- The scrip opened at 170.85, moved up to an intra-day high of 176.50, declined to an intra-day low of 170.50 and closed at 176.05.

Review/Outlook -- The scrip has given an upward breakout from a consolidation phase and with the oscillators looking strong, a further upside seems possible.

SBI -- Last Close: 368.85 | Support: 358, 333 | Resistance: 380, 415

Trading Range -- The scrip opened at 359.75, moved up to an intra-day high of 371.85, declined to an intra-day low of 357.10 and closed at 368.85.

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

Jindal Steel -- Last Close: 467.30 | Support: 455, 420 | Resistance: 480, 505

Trading Range -- The scrip opened at 450.00, moved up to an intra-day high of 475.00, declined to an intra-day low of 449.00 and closed at 467.30.

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.

ONGC -- Last Close: 490.90 | Support: 478, 456 | Resistance: 495, 515

Trading Range -- The scrip opened at 489.00, moved up to an intra-day high of 495.65, declined to an intra-day low of 478.60 and closed at 490.90.

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

Stock Track

Scrip Support Last Close Resistance Trend ACC 155, 148 165.20 166, 175 Up HLL 172, 163 176.05 183, 192 Up INFOSYS 2985, 2405 3136.75 3468, 3977 Tu ITC 729, 665 742.80 759, 802 Up MTNL 103, 95 111.90 115, 124  Up RIL 302, 269 323.55 324, 345 Up SATYAM 173, 149 181.95 199, 224 Sd SBI 358, 333 368.85 380, 415 Up TELCO 186, 176 192.30 199, 215 Up TISCO 150, 139 161.60 166, 175 Tu GLOSSARY : CMP - Current Market Price, MACD - Moving Average Convergence Divergence, RMI - Relative Momentum Index, RSI - Relative Strength Index, ROC - Rate of Change, EMA - Exponential Moving Average, CMP - Current Market Price, Cls - Closing Price, Support - Level where buying can be expected, Resistance - Level where selling can be expected, Tu - Turning Upwards, Td - Turning Downwards, Sd - Sideways, Up - Uptrend, Dt -Downtrend. DISCLAIMER : While efforts have been made to ensure the accuracy of the information provided in this content, the authors shall not be held responsible for any loss, harm or injury arising in any manner whatsoever, including those arising directly, indirectly, consequentially or otherwise and whether financial, mental or otherwise, caused to any person whatsoever who accesses or uses or is supplied with the content (consisting of articles, information, analyses, etc.) provided at this site or who otherwise relies on such content. Readers are advised to cross verify the information and to also seek professional and expert advice before taking any decision based on the content provided above or acting on any recommendations made herein. The information or opinions provided herein are not a substitute for professional advice. Sebi Disclosure: The author has no positions in the stocks mentioned above