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Trading strategy for April 11, 2000

TISCO: The stock has broken its first short term bottom of Rs 121 and has closed below it. It has posted a double top of Rs 125 which will act as a short term resistance. On the lower side, immediate support is at Rs 110.

ITC: Immediate support for this stock has also been breached and there is a major resistance at Rs 770. The next support is at Rs 700. Long positions are advisable only after it crosses the above resistance.

Reliance: After rallying from Rs 280, the stock has shown a short term weakness for the first time. It has an immediate resistance at Rs 372 and an immediate support at Rs 360. The next support lies at Rs 300. Above Rs 375, the stock will enter a resistance-free zone.

ACC: In short term charts, the stock has posted a lower top and Rs 164 is an immediate stop loss for short-term long positions. On the upper side, immediate resistance exists at Rs 175.

L&T: The stock has crossed its first major resistance and has closed above that. Immediate support for the stock lies at Rs 312 and thereafter at Rs 290. There is immediate resistance at Rs 322. After this, the stock has major resistance at Rs 375 levels.

Hindustan Lever: The stock is still on a downtrend and has an immediate resistance at Rs 2900 and thereafter at Rs 3000. Major support for the stock lies at Rs 2400 which can be used as a stop loss for medium term positions also.

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