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Trading strategy for May 17, 2000

Infosys: The stock has an immediate resistance at Rs 7200. Unless this level is crossed decisively, no long positions are advisable. After this, it has further resistance at Rs 8000 levels. On the lower side, it has its last immediate support at Rs 6750.

Sterlite: The stock has yet to cross any resistances and long positions should be avoided at this stage. It has its first resistance at Rs 580 and thereafter at Rs 700. On the lower side it has a minor support at Rs 500.

Ranbaxy: The stock has posted a double bottom at Rs 485 and the position is likely to deteriorate below this level. On the upper side it has major resistances at Rs 620 levels and long positions can be contemplated only once this is crossed.

Dr. Reddy's: The stock has closed on a very positive note near its major resistance of Rs 1400 and once this level is crossed decisively, long positions can be contemplated. On the upper side, it has immediate resistance at Rs 1500 level and thereafter at Rs 1700. On the lower side, immediate support lies at Rs 1235 and then at Rs 1160.

Sun Pharma: The stock has posted a higher bottom and has crossed one intra day major resistance. Long positions can be taken with a stop loss of Rs 340. On the upper side, it faces resistance at Rs 450 levels.

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