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Trading strategy for June 5, 2000

Satyam: After remaining comparatively weak Satyam showed a strong close. It closed above its short-term resistance and appears strong. For long positions the level of Rs 2500 is the stop loss, the next base is at Rs 2450.

Global Tele: This was the strongest counter of Friday and is likely to continue with the uptrend. It has crossed its short-term resistance and the next major hurdle is only at around Rs 1400.

Silverline: Although the stock failed to hit the upper circuit like other software stocks on Friday on the daily charts it appears extremely bullish. The stop loss for long positions should be Rs 460. The next major resistance for the stock is at around Rs 600.

Reliance: The stock has made a strong resistance at Rs 346, and has broken its immediate bottom. The close was weak and the next major base for the stock is at Rs 325.

Wipro: Although it showed an intra day gain of more than 8 percent on Friday, the stock is still below its major resistance. However, a move above Rs 1930, the outlook will become extremely bullish. On the downside, it has a good base at Rs 1750 which can be used as a stop loss.

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