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Trading strategy for July 14, 2000

Sensex: The level of 4840 still serves as a reference point for long positions. On the upper side today's high of 5060 will serve as a strong resistance.

Pentamedia: This stock failed to cross its important resistance of Rs 630 and has shown a weak close. The outlook will improve only above Rs 630. The fall may gather momentum in the near future.

Digital: This stock too turned from a peak of Rs 665 which will act as a major hurdle in the future. Unless this level is crossed one should avoid long positions. The close has been very weak.

ITC: For the first time in the last one month, the stock has dipped below its first support level. The stock may enter into a corrective phase of its recent rise. The level of Rs 880 will act as a strong hurdle.

Global Tele: Like other software stocks, this counter has also shown a weak close near its support level which is at Rs 1160. The fall is likely to gather momentum below this level. On the upper side, the level of Rs 1290 will act as a major hurdle in the future.

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