Trading strategy for April 25

It was a day of fluctuating fortunes for the market as a few select IT stocks not only managed to hold but actually gain ground. The old economy stocks were a weak spot what with the erstwhile market favourite, HLL falling to a 5 year low.

Sensex -- Last Close: 2937.23 | Support: 2922, 2826 | Resistance: 3007, 3110

Trading Range - The Sensex opened at 2951.09, moved up to an intra-day high of 2973.03, declined to an intra-day low of 2932.34 and closed at 2937.23.

Review/Outlook - The Sensex has continued its habit of posting newer lows for one more trading session while strong support comes in at the 2922 level indicating some hopes for stability at lower levels.

ABB -- Last Close: 302.55 | Support: 288, 279 | Resistance: 306, 316

Trading Range - The scrip opened at 308.15, moved up to an intra-day high of 312.35, declined to an intra-day low of 300.05 and closed at 302.55.

Review/Outlook - The scrip has reflected weakness by closing below the 10 day average while further depreciation below the 300 level cannot be ruled out.

Apollo Hospitals -- Last Close: 97.65 | Support: 97, 90 | Resistance: 101, 106

Trading Range - The scrip opened at 98.85, moved up to an intra-day high of 98.85, declined to an intra-day low of 97.55 and closed at 97.65.

Review/Outlook - The scrip has slipped below both, the 10 and 55 day averages indicating its intention of a short-term decline.

HCL Infosystems -- Last Close: 84.30 | Support: 80, 72 | Resistance: 86, 93

Trading Range - The scrip opened at 83.00, moved up to an intra-day high of 84.70, declined to an intra-day low of 82.00 and closed at 84.30.

Review/Outlook - The scrip has bounced back smartly from its intra-day lows to close above the 10 and 55 day averages. The oscillators have signalled a buy while an upside seems possible.

Ingersoll-Rand -- Last Close: 204.15 | Support: 195, 182 | Resistance: 210, 219

Trading Range - The scrip opened at 200.75, moved up to an intra-day high of 205.00, declined to an intra-day low of 200.75 and closed at 204.15.

Review/Outlook - The oscillator lead recovery has resulted in the scrip closing above the 10-day average, indicating its intention to gain ground above the 205 level.