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Trading strategy for March 31, 2000

Reliance: After a healthy correction, the stock has recovered sharply and closed on a strong note. It has an immediate support at Rs 284 and has a major support at Rs 258. On the upper side, the stock has its next resistance at Rs 342.

Dr. Reddy's: The stock is making an attempt to rally and has an immediate support at Rs 1410 whereas the next base is at Rs 1355. One can take long positions considering these levels in mind.

Zee Telefilms: The stock seems to have formed a higher bottom at Rs 970 which can be used as a reference point for all long positions. It has its first minor resistance at Rs 1060 and then a major resistance at Rs 1180. Long positions can be taken once these resistances are crossed decisively.

Sterlite: The stock is close to its major support levels and may show a recovery. It has an immediate reistance at Rs 830 and then at Rs 860. Long positions are advisable once it crosses Rs 860 decisively. It has made a double bottom at Rs 775 which can be used a stop loss for all long positions.

Satyam Computer: The stock has failed to perform and showed a weak closing. If it dips below Rs 4770, the outlook will weaken further, and would be attractive for short-selling. On the upper side, the first resistance for the stock is at Rs 5000 whereas the last hurdle is at Rs 5400.

NIIT: The stock dipped below its medium term support which was at Rs 2250. This is an extremely negative signal for its medium term health, and the outlook is bleak. It appears a good sell on every rally. The next support for the stock is around Rs 2060.

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