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Trading strategy for March 27, 2000

Infosys: The stock looks ready for its next upmove. It has made a strong base at Rs 10600 level which can be used as stop loss for short term positions. Next support for the stock is at Rs 10100. On the upper side the stock has resistance at Rs 12500.

Silverline: After much consolidation the stock has crossed its first minor resistance of Rs 830 and closed on a firm note. It has an immediate support at Rs 795 and then at Rs 765. Immediate resistance for the stock is at Rs 875 and then at Rs 930. The stock looks ready for a rally.

Sterlite: The stock has made a double bottom at Rs 853 which can be treated as a stop loss for all long positions. On the upper side it has crossed its first minor top of Rs 900 and has closed above it. Next resistance for the stock lies at Rs 1005. Overall outlook for the stock remains bullish.

Pentamedia: The stock has been moving in a band in the last few trading sessions with no clear trend emerging. It has its immediate resistance at Rs 1265, once this is crossed the next barrier will be at Rs 1300. It has made a strong base at Rs 1175 which can be used as stop loss for all long positions.

Ranbaxy: The stock has been moving in a band ranging from Rs 640 to Rs 740. Any close below and above these levels respectively will decide the direction of the stock. Probabilty that the stock will move on the upside from the current levels appears higher. After Rs 740, the stock does not have any defined resistance till Rs 950.

Castrol: The stock is easing into an uptrend mode. After a spurt in the stock price it has corrected itself but has not broken its medium term support of Rs 300. Immediate support lies at Rs 309. On the upper side it has a minor resistance at Rs 340. Technically, stock is not placed to give instant returns. Medium term players can take long positions with these support levels as reference point for stop loss.

By Arc Investments & Consulting

Stocks

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