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Trading strategy for May 8, 2000

Reliance: The stock has a strong resistance at Rs 343 and the position is likely to improve above this level. On the lower side, it has an immediate support at Rs 330 and thereafter a major base at Rs 310. These levels can be used as stop losses by medium term players.

Infosys: Immediate support for the stock is at Rs 8450 and thereafter at Rs 7950. On the upper side, it has an immediate resistance at Rs 8750.

Silverline: The stock has already rallied 30 percent from its low. The next resistance for the stock is at Rs 460 and thereafter at Rs 500. Immediate support is at Rs 400 and thereafter at Rs 355.

Ranbaxy: The stock has been trading close to its major resistance of Rs 630. Short term long positions can be liquidated below Rs 585. Below this, the next base is at Rs 500.

ITC: This stock too has been trading close to its major resistance of Rs 580. Immediate support for the stock is at Rs 540 and thereafter at Rs 500. No long positions are advisable at this stage.

Zee Tele: The stock has broken its immediate support of Rs 700 and has closed below it. Below this, the next support is at Rs 640. On the upper side, it has an immediate resistance at Rs 725.

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