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Trading strategy for April 24, 2000

Infosys: The stock has staged a sharp rally from the lower circuit to touch the upper circuit in an intra day movement. This was accompanied by huge volumes. The low of the day at Rs 6651 can be used as a reference point for long positions. On the upper side, resistance exists at Rs 8400.

BSES: This stock managed to move above its resistance levels which is a good sign. Long position can be taken with a stop loss of Rs 225. The next reference point is Rs 217. On the upper side, major resistance is at Rs 260.

NIIT: In an overall weak market, this stock remained above its immediate bottom of Rs 1980 which can be used as stop loss for all long positions. On the upper side the move may accelerate above Rs 2160.

SBI: For the past two days the stock has remained dull and has made a small base at Rs 195. The next support is at Rs 190. On the upper side, the first resistance is at Rs 210, and the last hurdle is at Rs 225.

Reliance Petro: The stock has steadily improved in the last two trading sessions. The first support is at Rs 53 and the next bottom is at Rs 51. These two levels can be used for an exit, and for fresh short-selling.

Polaris: This is one of the few software stocks which has crossed its first resistance level. It has a good base at Rs 1700 which can be used a stop loss for all long positions. On the upper side, it has a strong resistance at Rs 2500.

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