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Trading strategy for June 23, 2000

Sensex: Though the sensex has closed on the day's high, the reference point of 4900 points remains as a major resistance. On the lower side, it has immediate support at 4690. Below this level, the short term outlook will be negative.

Reliance: The stock has for the first time in recent days shown some movement on the upper side. It has crossed all immediate resistances and the upmove is likely to continue. Immediate support lies at Rs 342 and major support at Rs 328. As such there are no major resistance for the stock on the upper side.

Global Tele: Unless the stock crosses Rs 1550 levels no long positions should be initiated. On the lower side, it has an immediate support at Rs 1480 and thereafter at Rs 1440.

Satyam Computer: The stock showed sideways movement today. On the upper side, it has posted double top at Rs 3190. It has also posted a double bottom at Rs 3070. A move on either side of these levels will determine the future trend.

Wipro: The stock has immediate resistance at Rs 2800 and thereafter at Rs 2900. Major barrier still lies at Rs 3050. On the lower side, it has an immediate support at Rs 2700.

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