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Trading strategy for July 25, 2000

Sensex: The fall was extremely sharp on Monday. The Sensex is currently below all short-term support levels and the next main base is only at around 3800 points. Expect a corrective move upwards even then the outlook will remain negative.

Himachal: This stock has also broken its important base of Rs 1300 and appears weak. The level of 1440 will act as a major resistance and the next base is far from the current level.

Sterlite: The stock has posted a lower top at 860. The immediate resistance is at 835 and long positions should be taken only above this level. The fall may gather momentum below Rs 800.

NIIT: The stock has closed near its short-term support of Rs 1600, and the outlook will weaken below this level. On the upper side, it has a strong resistance at Rs 1750 and unless this level is crossed one should avoid long positions.

Nestle: This stock has made a good base at Rs 430 which can be used as a stop loss for long positions. The upmove may gather momentum above Rs 475.

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