Trading strategy for April 30

Another low volume day was mainly driven by stocks with results on the anvil or whose were just announced. Stocks like Ranbaxy and Grasim hogged the limelight in what was generally lacklustre trading- the undertone remains tentative.

Sensex -- Last Close: 2950.14 | Support: 2922, 2826 | Resistance: 3007, 3110

Trading Range - The Sensex opened at 2949.04, moved up to an intra-day high of 2961.47, declined to an intra-day low of 2944.13 and closed at 2950.14.

Review/Outlook - The Sensex has formed a slightly small trading range after opening with an upward gap. Despite closing in positive territory, the outlook remains hazy while further progress could come in only above the 2962 level.

Apollo Hospitals -- Last Close: 96.90 | Support: 90, 84 | Resistance: 97, 106

Trading Range - The scrip opened at 097.05, moved up to an intra-day high of 098.00, declined to an intra-day low of 096.75 and closed at 096.90.

Review/Outlook - The scrip has reflected weakness by closing below the previous trading sessions' low and with the oscillators looking to weaken, an intra-day downside seems possible.

LIC HF -- Last Close: 80.05 | Support: 75, 70 | Resistance: 81, 90

Trading Range - The scrip opened at 78.60, moved up to an intra-day high of 80.75, declined to an intra-day low of 78.60 and closed at 80.05.

Review/Outlook - The scrip has posted an eight-month high and with LIC HF being in an intermediate uptrend, further progress seems possible.

Grasim -- Last Close: 363.85 | Support: 348, 320 | Resistance: 395, 458

Trading Range - The scrip opened at 348.60, moved up to an intra-day high of 369.00, declined to an intra-day low of 348.10 and closed at 363.85.

Review/Outlook - The scrip has posted a 35 month high and seems to be setting the stage for a long term uptrend. Further appreciation seems to be on the cards.

L & T -- Last Close: 194.35 | Support: 190, 168 | Resistance: 207, 221

Trading Range - The scrip opened at 189.50, moved up to an intra-day high of 195.25, declined to an intra-day low of 189.50 and closed at 194.35.

Review/Outlook - The scrip has given a bullish intra-day pattern and with the oscillators signalling a buy, a further upside seems like a distinct possibility.

Stock Track

Scrip	Support	Last Close	Resistance	Trend
ACC	127, 103	129.35	135, 143	Dt
HLL	127, 111	140.05	141, 155	Dt
INFOSYS	2405, 1897	2858.85	2985, 3468	Sd
ITC	665, 592	682.85	729, 802	Tu
MTNL	85, 63	91.45	95, 103	Td
RIL	269, 242	272.95	302, 324	Td
SATYAM	149, 113	158.20	173, 199	Tu
SBI	276, 258	277.60	293, 314	Td
TELCO	148, 135	153.20	168, 186	Dt
TISCO	125, 118	129.75	131, 139	Sd
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.
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