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Trading strategy for March 23, 2000

Satyam Computer: The stock is yet to cross any major resistance. The first hurdle for the stock is at Rs 5225 and long positions can be contemplated only above this level. On the lower side, immediate support lies at Rs 5055. The next base is at Rs 4870.

Global Tele-systems: The stock has broken another support at Rs 2276. No long positions are advisable at this level and can be taken only once the stock crosses the double top of Rs 2525. Next major hurdle for the stock is at Rs 2870. On the lower side, next support lies at Rs 2060.

NIIT: Major consolidation has taken place in this counter at these levels with Rs 2200 and Rs 2430 as reference points for supports and resistance respectively. Next resistance for the stock lies at Rs 2650. One can take long positions once the first resistance is crossed with a stop loss of Rs 2350.

Pentamedia: After showing initial strength, the stock could not sustain at higher levels. At the same time, it did not break its previous base of Rs 1185. Long positions are advisable once the stock crosses its first hurdle of Rs 1295. Thereafter the next resistance lies at Rs 1450.

ACC: The stock has crossed its first major top of Rs 135 and has closed on a strong note. It has its first support at Rs 132. Major support for the stock is at Rs 125 which can be used as a reference point for all long positions. On the upper side the next resistance is at Rs 144 and then at Rs 154.

Ranbaxy: The stock has crossed its first major top and has closed above it. On the whole, the stock can give a good move on the upside. The rally is likely to accelerate once it crosses its major resistance of Rs 740. On the lower side, the stock has a strong support at Rs 635. For short-term players, Rs 670 can be used as a stop loss for long positions.

By Arc Investments & Consulting

Stocks

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