Trading strategy for May 29

The market has recovered with a bang right from open to close; while most of the sectors have recouped their losses.

Tech stocks also witnessed gains riding on the overnight NASDAQ fervour while volume was a distinct improvement and the undertone was firm.

Sensex -- Last Close: 3130.46 | Support: 3110, 3007 | Resistance: 3210, 3320

Trading Range -- The Sensex opened at 3093.72, moved up to an intra-day high of 3133.17, declined to an intra-day low of 3086.15 and closed at 3130.46.

Review/Outlook -- The Sensex has shown a splendid recovery (read as rally) to end sharply in positive territory. The strong closing would seem to suggest an intra-day upside above the 3134 levels.

Bajaj Auto -- Last Close: 499.35 | Support: 472, 433 | Resistance: 504, 545

Trading Range -- The scrip opened at 499.00, moved up to an intra-day high of 502.00, declined to an intra-day low of 492.00 and closed at 499.35.

Review/Outlook -- The scrip has continued it steady ascent despite the market upheaval and with the oscillators looking firm, a further upside seems possible.

Dr Reddy's Lab -- Last Close: 832.10 | Support: 815, 795 | Resistance: 849, 880

Trading Range -- The scrip opened at 827.00, moved up to an intra-day high of 834.00, declined to an intra-day low of 817.10 and closed at 832.10.

Review/Outlook -- The scrip has not only staged a smart intra-day recovery but has also overcome a supply line while a further upside cannot be ruled out.

HLL -- Last Close: 155.95 | Support: 155, 141 | Resistance: 163, 172

Trading Range -- The scrip opened at 154.00, moved up to an intra-day high of 156.30, declined to an intra-day low of 151.35 and closed at 155.95.

Review/Outlook -- The scrip has reflected short term strength by giving an upward "bar" reversal (bullish intra-day pattern) while further appreciation seems to be on the cards.

Jindal Steel -- Last Close: 413.40 | Support: 407, 390 | Resistance: 418, 430

Trading Range -- The scrip opened at 410.00, moved up to an intra-day high of 414.00, declined to an intra-day low of 407.00 and closed at 413.40.

Review/Outlook -- The scrip has posted a 3 month high and with the oscillators looking strong, a further upside seems to be on the cards.