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Trading strategy for April 17, 2000

Sterlite: The stock has been on an uptrend and did show weakness for the first time in the past five trading sessions. Immediate support for the stock lies at Rs 830 and thereafter at Rs 790. Immediate resistance for the stock is at Rs 900, and the next hurdle is at Rs 960.

NIIT: The stock has closed on a strong note but is near its resistance level of Rs 2250. The current run for the counter has been more than 45 per cent. Immediate support for the stock lies at Rs 2065 which can be used as a stop loss for long positions.

Ranbaxy: The stock has closed near its short term support of Rs 720. In daily charts, the stock has crossed its first major barrier of Rs 740 and has given three successive close above this. Below Rs 720 the next support for the stock is at Rs 640. Immediate resistance for the stock lies at Rs 750 and thereafter at Rs 780.

Bajaj Auto: After moving in a band for nearly 14 trading sessions the stock has shown some signs of an uptrend. Medium term players can take long positions at these levels with a stop loss of Rs 360. The stock has its next resistance at Rs 440 levels.

BPL: The stock has some major support at Rs 205. Below this level, the short term outlook for the stock is bearish. Immediate resistance for the stock exists at Rs 215 and thereafter at Rs 225. Overall, outlook for the stock will be positive once the last hurdle of Rs 225 is crossed.

Finolex Cables: The stock has croosed its major resistance and has closed above it. Long positions can be taken at this level with Rs 260 as stop loss. The stock has its next resistance only at Rs 315.

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