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Trading strategy for April 27, 2000

Current rally seems more of a corrective nature than a fresh trend itself. Fresh trend will be defined only once the consolidation has taken place.

SBI: The stock has crossed a major resistance of Rs 205 and has closed on a strong note. Immediate support for the stock lies at Rs 207 and major base is at Rs 192. On the upper side next resistance for the stock is at Rs 230 levels.

Reliance: The stock is quoting close to its no resistance area, which is a very bullish sign. Last resistance for the stock is at Rs 365. It has an immediate support at Rs 352 and thereafter at Rs 344. Major base for the stock lies at Rs 310 which can be used as a stop loss for medium term positions.

ACC: In this recent fall the stock has not broken its previous base of Rs 126. The stock looks good at the current levels. It has an immediate support at Rs 145 and thereafter at Rs 135. On the upper side the stock has its next barrier at Rs 163 levels.

Grasim: The stock has been moving sideways in the last 5 trading sessions. It has an immediate suppport at Rs 358 and thereafter at Rs 340. These levels can be treated as a stop loss for short term and medium term traders respectively. On the upper side the stock has a major resistance at Rs 380, above which rally is likely to accelerate.

Telco: The stock has been consolidating in the range between Rs 120 and Rs 140. Further direction will be decided once these levels are crossed on either side. It has an immediate support at Rs 128 which can be used as a stop loss for short term traders. On the upper side rally is likely to accelerate above Rs 140.

ICICI: This stock too has been in a consolidation mode. It has an immediate support of Rs 131 and thereafter a strong base is at Rs 120. On the upper side the stock has an immediate resistance at Rs 140, thereafter at Rs 150. Above this, the position of the stock will improve further.

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