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Trading strategy for April 8, 2000

The current euphoria is a reflection of how sentiments can affect the market. Technically speaking, the market is still in a downtrend and has not yet posted any higher bottom.

Reliance Industries: Looking at a broader picture, the stock is on an upswing from a level of Rs 200. The immediate resistance for the stock is at Rs 370 levels, which could act as a major hurdle for the stock. It has an immediate support at Rs 340.

L&T: The stock has closed on a strong note but has strong resistance at Rs 310. Immediate support for the stock is at Rs 290 and then at Rs 275. Stock has a major base at Rs 267.

Bajaj Auto: The stock has been moving in a band for almost tweleve trading sessions. It has major support at Rs 360, which can be used as a stop loss for all long positions. On the upper side, level of Rs 390 is an equally strong barrier. Once this level is crossed, next resistance is at Rs 440.

Cipla: The stock has crossed all short term barriers and has closed above that, which is a very positive sign. The stock finds next resistance at Rs 1350. On the lower side, immediate support lies at Rs 1160 and major supports at Rs 1100.

TELCO: The stock has not breached its short term triple bottom of Rs 120 and has closed on a strong note. The stock faces resistance at Rs 150 and then at Rs 170. Immediate support lies at Rs 127.

Indogulf: This stock too has been ruling above its short term bottom of Rs 37 which can be used as stop loss for all long positions. On the upper side, the stock has first major resistance at Rs 45 and then at Rs 48.

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