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Trading strategy for July 21, 2000

Sensex: The sensex has posted a one way drop of 500 points from 5050 points to 4550 points. There could be a corrective rally round the corner. However, this in no way suggests a trend reversal. The index has broken its medium term support level and is likely to make fresh supports in due course. Overall the outlook remains negative.

Satyam: The stock has made repeated attempts to cross its first major resisitance of Rs 2880 but has failed to do so. One could witness a corrective rally once this level is crossed on the upper side. Above this, the next barrier exists at Rs 3100. But at this stage no long positions are recommended. On the lower side, the outlook will be negative below Rs 2750.

Himachal: The stock did break its first base of Rs 1340 but not its final level of Rs 1300. It has crossed its first minor resistance and has closed above this. Further, it has a major resistance at Rs 1420 and the outlook is likely to improve above this level. Above this level, the next barrier lies at Rs 1520.

Infosys: The stock has been moving sideways in the last two trading sessions. It has made a small base at Rs 7240 which can be used as a stop loss for short term long positions. This stock too could post a corrective rally above Rs 7460. Next barrier lies at Rs 7800 and therafter at Rs 8400.

Tisco: The stock failed to cross its major resiistance of Rs 146. It has its immediate resistance at Rs 142 and the outlook will improve only above this level. It has an immediate base at Rs 133.

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