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Trading strategy for May 12, 2000

Reliance: The stock has broken its first support of Rs 318 and has closed near it. Unless the stock crosses Rs 322 level, it is unlikely to improve any further. Next support lies at Rs 310 below which the fall is likely to accelerate.

Infosys: It has an immediate resistance at Rs 7500 and its position will improve only above this level. The next major resistance is at Rs 7950 and long positions should be contemplated above this level. On the lower side, it has the last support at Rs 6651.

Silverline: It has a major resistance at Rs 400 above which its position will improve. Next resistance lies at Rs 440 and then at Rs 460. On the lower side, it has an immediate support of Rs 365 and thereafter the last reference point is Rs 325.

MTNL: The stock has broken a double bottom of Rs 195 and has closed below it. On the upper side, first resistance is at Rs 204 and thereafter a major resistance lies at around Rs 220.

ITC: The stock has posted a double top at Rs 545 which can be considered as a major resistance. On the lower side, it has first support at Rs 515 and thereafter the last support lies at Rs 500.

BSES: The stock has broken its first reference point of Rs 265. The next support is at Rs 255. Below this level, the fall is likely to accelerate. Last support for the stock is at Rs 245. On the upper side, it has strong resistance at Rs 274.

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