Trading strategy for Friday

The market has staged a smart comeback to finish in positive territory.

Banks and pharma were the movers and shakers of the day while FMCG and PSUs also remained positive.

Capital goods, consumer durables and IT exhibited weakness to remain under pressure. Volume was sharply higher (read as turnover) while the undertone was firm.

Sensex -- Last Close -- 3639.89 | Support -- 3545, 3467 | Resistance -- 3651, 3759

Trading Range -- The Sensex opened at 3616.98, moved up to an intra-day high of 3661.99, declined to an intra-day low of 3592.18 and closed at 3639.89.

Review/Outlook -- The Sensex has given an upward 'key' reversal (bullish intra-day pattern) indicating the possibility of a further upside while the intermediate uptrend remains intact.

Adani Exports -- Last Close -- 202.90 | Support -- 195, 184 | Resistance -- 223, 260

Trading Range -- The scrip opened at 199.10, moved up to an intra-day high of 208.90, declined to an intra-day low of 199.10 and closed at 202.90.

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

Chennai Petro --  Last Close -- 54.70 | Support -- 50, 39 | Resistance -- 60, 80

Trading Range -- The scrip opened at 53.00, moved up to an intra-day high of 56.00, declined to an intra-day low of 52.35 and closed at 54.70.

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

Indian Hotels  -- Last Close -- 262.30 | Support -- 260, 245 | Resistance -- 281, 295

Trading Range -- The scrip opened at 251.00, moved up to an intra-day high of 265.00, declined to an intra-day low of 251.00 and closed at 262.30.

Review/Outlook -- The scrip has reflected strength by posting a 28 month high and with the oscillators looking positive, further appreciation seems to be on the cards.

Oriental Bank -- Last Close -- 163.55 | Support -- 150, 135 | Resistance -- 175, 200

Trading Range -- The scrip opened at 154.85, moved up to an intra-day high of 167.45, declined to an intra-day low of 152.30 and closed at 163.55.

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