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Trading strategy for March 10, 2000

Satyam Computer: After a fall of about 14 per cent from the peak, the stock has bounced sharply. It has crossed its short-term resistance and has closed above it.The immediate support exists at Rs 6285 and the support thereafter is at Rs 6040. On the upper side, the stock has resistance at Rs 7200.

Himachal Futuristic: The stock has crossed its first resistance and has closed above that which is a positive sign. It has an immediate support at Rs 2150. Major support for the stock lies at Rs 2030. On the upper side, the stock faces a minor hurdle at Rs 2350.

Silverline: After breaking its first support, the stock is heading towards the next support which is at Rs 1080. On the upper side, the immediate resistance exists at Rs 1070, and the next hurdle is at Rs 1250. Long positions are advisable only above these levels.

ITC: It has crossed its first short term resistance and closed above that level. Rally is likely to accelerate above Rs 840. On the lower side, the stock has major support at Rs 780. This can be used as a stop loss for all long positions.

MTNL: The stock has broken its first short term support and has closed below that. It has its first resistance at Rs 352 and long positions should be taken once these levels are crossed with a stop loss of Rs 330. Next major support for the stock is at Rs 325.

Sterlite: The stock has posted a double bottom at Rs 1100, which can be used as a reference point for an exit. On the upper side, the stock has a minor resistance at Rs 1250.

By Arc Investments & Consulting

Stocks

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