rediff.com: Trading Strategy for June 30, 2000


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June 29, 2000

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Trading strategy for June 30, 2000

In most of the top traded technology stocks Thursday's high make a strong reference point. Any long positions should be taken only once these tops are crossed. As long as the stocks remain below these levels, the prevalent trend would be bearish.

Sensex: Though the sensex has crossed its two minor tops it yet faces resisitance from its major top of 4900 points. Medium term outlook as far as the sensex is concerned will improve only once this is crossed. Immediate support for the Sensex is at 4640 points and thereafter at 4600 points.

Pentamedia: The stock has posted a major double top at Rs 645 and this can be treated as major resistance level. Last support exists at Rs 580 below which the fall is likely to accelerate.

Himachal: This stock too has posted a double top at Rs 1545 which will serve as a major resistance for the stock. It further has broken its first major base of Rs 1460 and has closed on a weak note. Last support lies at Rs 1400.

Silverline: This is among the weakest counters in the top traded list and is ruling below all support levels. Last support exists at Rs 440. It has major resistance at Rs 495.

Rolta: Last support for the stock is at Rs 310. It has minor resistance at Rs 350 and thereafter at Rs 370. The fall is likely to gather momentum below Rs 310.

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