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Trading strategy for April 4, 2000

BSES: The stock has broken another medium term support level of Rs 230 and has closed on a very weak note. The stock is likely to slide till Rs 200 levels where it finds its next major support. On the upper side, it has a strong resistance at Rs 240.

Zee Tele: This counter too has closed on a very weak note. It is close to its its medium term support level of Rs 940. The next minor support for the stock is at Rs 850. There are no major supports for the stock in sight. On the upper side, the stock has its first major resistance at Rs 1080.

Himachal Futuristic: Like other software stocks Himachal Futuristic has also broken its medium term supports. The next major base for the stock is at Rs Rs 850. On the upper side, the first resistance is at Rs 1725.

Reliance Petro: The stock has posted a lower top in intra day hourly charts. The stock looks attractive for short selling below Rs 59.60 with a stop loss of Rs 62. Above Rs 62, the next resistance is at Rs 63.5. The stock has supports at Rs 58 and then at Rs 56.

Sterlite: The stock has closed on a very weak note at Rs 718, which is close to its medium term support of Rs 705. The stock looks weak and is likely to continue its downtrend. The stock has an immediate resistance of Rs 760 and Rs 840.

Ranbaxy: The stock has a strong resistance at Rs 740 above which the outlook improves drastically. One can take a long positions above this level. The stock has a good base at Rs 670. The immediate support for the stock exists at Rs 700.

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