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Trading strategy for February 23, 2000

BSES: After a retracement of about 50 per cent, the stock has started showing strength. One can take long positions in the stock with a stop loss of Rs 260.

Pentamedia (Pentafour Software): The stock has been scaling new highs and is very strong. Immediate support for the stock is at Rs 2200. Below this, the next support level is Rs 1800.

ICICI: The stock has been moving sideways and is yet to show signs of weakness. The move will gather momentum above Rs 160. It has an immediate support at Rs 148. Major support for the stock lies at Rs 140.

Silverline: The stock has shown some temporary weakness. It has a minor resistance at Rs 1375. Immediate support level is at Rs 1240. Major support lies at Rs 1150.

Reliance: After a slow and steady move on the upper side, the stock has shown the first sign of weakness. It has a resistance at Rs 254. Long positions are advisable only above this level. Immediate support for the stock is at Rs 338 and the fall is likely to gather momentum below this.

Indian Aluminium: Indian Aluminum has broken some major resistances and the stock looks excellent. Long positions can be taken with a stop loss of Rs 115. Below this the next support is at Rs 100.

By Arc Investments & Consulting

Stocks

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