Trading Strategy for August 8, 2000

Sensex: The sensex did not break Friday's low and has taken support at 4160 points. On the upper side the level of 4300 will act as a major resistance.

Infosys: The stock has closed above its first resistance. On the upper side the next hurdle is at Rs 6600 and thereafter at Rs 7000. On the lower side it has a major base at Rs 6320 below which the outlook is likely to turn negative.

Himachal: The stock has its first resistance at Rs 1270 and therafter next hurdle lies at Rs 1320. It has posted a higher bottom and the level of Rs 1180 can be considered as a stop loss for long positions.

L&T: The stock has been moving sideways and has its first resistance at Rs 215. On the lower side it has first support at Rs 203 which can be used as a stop loss for short-term long positons. Next base for the stock is at Rs 190 levels.

Sterlite: The stock has a strong resistance at Rs 720 and the outlook could improve only above this level. On intra-day basis it has been posting lower tops and bottoms and has an immediate resistance at Rs 695. On the lower side the outlook will further deteriorate below Rs 660.

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