Trading Strategy for August 9, 2000

Sensex: Sensex did not break its double bottom of 4160 and rallied smartly. It has managed to cross its first resistance of 4320 and has its next hurdle at 4380. On the lower side the level of 4380 would act as a major base.

Infosys: The stock has crossed its first major resistance and has rallied smartly. Next hurdle lies at Rs 8800 levels. On the lower side it has an immediate minor support at Rs 7300 and thereafter at Rs 6850. Major support for the stock lies at Rs 6300.

Satyam: The stock is yet to cross its major hurdle of Rs 500 and the outlook will improve only above this level. On the lower side it has an immediate support at Rs 460 which can be used as a stop loss for short term long positions. Next support lies only at Rs 410 level.

Global Tele: This stock too is yet to cross any major hurdle. It has an immediate resistance at Rs 1010 and the outlook could improve above this level. It has an immediate base at Rs 960. Major support lies at Rs 920, which can be used as a stop loss for all long positions.

Wipro: The stock has managed to cross its first minor resistance of Rs 2260. Next hurdle is at Rs 2550 which would act as a major hurdle for the stock. On the lower side it has an immediate support at Rs 2300 and thereafter at Rs 2150.

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