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Trading strategy for May 24, 2000

Himachal Futuristic: The stock has one again tested its major support level of Rs 650 and has rebounded sharply from that level. On the upper side, immediate resistance lies at Rs 800 and thereafter at Rs 950. On the lower side, Rs 650 should be used as a stop loss for all long positions.

Satyam Computer: This stock too has not broken its major base of Rs 2500. This can be used as a stop loss for all long positions. On the upper side, it has an immediate resistance at Rs 3000 and thereafter at Rs 3200.

Silverline: This stock appears to be the strongest among the software stocks. It has an immediate base at Rs 370 and thereafter at Rs 325. It has crossed its immediate resistance of Rs 400 and has closed above it. Further resistance exists at Rs 460 and thereafter at Rs 500.

HDFC Bank: The stock has broken its first major support of Rs 250 and the fall is likely to accelerate below Rs 220. Immediate resistance lies at Rs 262 and thereafter at Rs 270. Medium term players can use a stop loss of Rs 220 for long positions.

ITC: The stock has shown a rally from Rs 500 and has appreciated by 25 per cent. Immediate support lies at Rs 620 and major base is at Rs 600. These levels can be used as a reference point for long positions. Immediate resistance lies at Rs 680 levels and thereafter at Rs 720.

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