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Trading strategy for July 20, 2000

BSE Sensex: The index has closed on an extremely weak note and is close to its medium term support level of Rs 4600 points. On the upper side, it has an immediate resistance at 4700 points and thereafter at 4850 points. The major resistance is at 4950 points.

Satyam Computer: The stock bounced today but could not sustain it. It has an immediate resistance at Rs 2850 and thereafter at Rs 3050. Immediate support for the stock lies at Rs 2750. The fall is likely to accelerate below this level.

Zee Tele: The stock has posted a lower top and has closed on a negative note. It has taken a minor support at Rs 500 and the fall is likely to accelerate below this level. It has a minor support at Rs 480 and thereafter at Rs 420.

Dr. Reddy's: The stock has been moving sideways for the last three months. It has broken its first major support of Rs 1270 and has closed below it. It has its last support at Rs 1220 below which the outlook will deteriorate. On the upper side, the first resistance exists at Rs 1320 and thereafter at Rs 1420.

Grasim: The stock has broken a major base of Rs 286 and has closed below it. It has its next base at Rs 255 and thereafter at Rs 220. On the upper side, it has a strong resistance at Rs 300 and the outlook will improve only after this level is crossed.

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