Trading strategy for April 21

The Wipro results provided another dampener to the market sentiment while the undertone appears weak. The fledging IT recovery is in jeopardy again which in turn means additional pressure on the Sensex.  

Sensex -- Last Close: 2984.50 | Support: 2922, 2826 | Resistance: 3007, 3110

Trading Range-  The Sensex opened at 3002.68, moved up to an intra-day high of 3011.92, declined to an intra-day low of 2971.94 and closed at 2984.50.

Review/Outlook-  The Sensex has reflected weakness by declining with a gap and continues to flounder at lower levels. An oversold situation seems to be in the making but whether this results in any upside remains to be seen.

Adani Exports -- Last Close: 121.80 | Support: 120, 114 | Resistance:  125, 132

Trading Range-  The scrip opened at 120.15, moved up to an intra-day high of 122.30, declined to an intra-day low of 120.15 and closed at 121.80.

Review/Outlook- The scrip has bounced back from its day's low to end in positive territory indicating intra-day strength and the ability to appreciate further.  

BASF -- Last Close: 94.85 | Support: 93, 86 | Resistance: 97, 102

Trading Range - The scrip opened at 93.55, moved up to an intra-day high of 95.40, declined to an intra-day low of 93.50 and closed at 94.85..

Review/Outlook - The scrip has managed to close above a minor resistance level of 94.50 on the fourth trading session, heightening the chances of an intra-day upside.  

Escorts -- Last Close:  35.80 | Support: 35, 31 | Resistance: 38, 41

Trading Range-  The scrip opened at 36.85, moved up to an intra-day high of 36.85, declined to an intra-day low of 35.60 and closed at 35.80.

Review/Outlook- The scrip seems to have settled in a minor downtrend (on the daily chart) besides posting lower tops and bottoms while a further downside cannot be ruled out.  

Siemens -- Last Close: 286.50 | Support: 284, 275 | Resistance: 296, 305

Trading Range- The scrip opened at 289.80, moved up to an intra-day high of 291.50, declined to an intra-day low of 286.30 and closed at 286.50.

Review/Outlook- The scrip has been hanging on to its current levels for the past few trading sessions albeit a bit unconvincingly, while the oscillators seem to suggest a decline below the 285.50 level. 

Stock Track

Scrip Support Last Close Resistance Trend ACC 135, 127 137.20 143,148 Td HLL 141,127 142.85 155,163 Sd INFOSYS 2405, 1897 2965.75 2985, 3468 Dt ITC 665, 592 683.50 729, 802 Tu MTNL 95, 85 95.05 103, 115 Sd RIL 269, 242 278.10 302, 324 Sd SATYAM 113, 88 144.20 149, 173 Dt SBI 276, 258 287.35 293, 314 Sd TELCO 148,135 154.55 168, 186 Td TISCO 131,125 131.90 139, 150 Td 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