Trading Strategy for August 11, 2000

Sensex: The sensex failed to cross its resistance of 4380 points today and it has closed below its immediate support of 4300. On the lower side it has next major support at 4160. This level should be used as a reference point for all long positions.

Zee Tele: The stock managed to cross its first minor resistance of Rs 404 but failed to cross the major hurdle of Rs 442. This would act as a major resistance level. On the lower side it has an immediate support of Rs 380 which can be used as a stop loss for all long positions.

Global Tele: The stock took resistance at yesterday's high of Rs 1060 and has posted a double top there. It has also broken its intra-day support of Rs 1000 and has closed below it. Last support for the stock lies at Rs 920 which can be used as a stop loss for all long positions.

Himachal: The stock is yet to break any bottoms and has its first support at Rs 1480 which can be used as a stop loss for short-term long positions. Next support for the stock lies at Rs 1420. On the upper side it has resistance only at Rs 1600 levels.

MTNL: The stock broke an important support level of Rs 167 and has closed below it. It has its last support at Rs 156 below which the outlook will further turn negative. On the upper side it has resistance at Rs 177.

Arc Investments & Consulting

Money

Daily Technicals

Tell us what you think of this feature