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Trading strategy for May 9, 2000

Satyam Computer: The stock has broken its first support level and has closed below it. It has an immediate resistance at Rs 3350 and thereafter at Rs 3525. On the lower side, immediate support is at Rs 3100 and thereafter at Rs 2800.

Himachal Futuristic: Below Rs 945, long positions can be liquidated. On the upper side, the stock has an immediate resistance at Rs 1075. The upside move appears limited.

Global Tele: This stock appears strong but the upmove may not be very sharp. Long positions can be liquidated below Rs 1260. On the upper side, the next resistance is around Rs 1400 levels.

Reliance: The stock has been sliding from Rs 340 levels which stands as a major resistance for the stock and unless this is crossed, no long positions are recommended. On the lower side, the next support is at Rs 320 and thereafter at Rs 310.

BSES: The stock has already crossed its first major resistance but failed to sustain at higher levels. The stock has made a double bottom at Rs 246, below which the downtrend is likely to accelerate. On the upper side, the rally is likely to accelerate above Rs 265.

Dr. Reddy's: The stock is ruling close to its resistance level and will face further resistance at around Rs 1400. It has first support at Rs 1290, below which short term long positions can be liquidated. Below this, the stock has strong support at around Rs 1120.

Arc Investments & Consulting

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