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Trading strategy for April 20, 2001

BSE Sensex: Owing to RIL, Infosys, Bhel and few other counters, the uptrend continued for the fourth consecutive day and the index gained 135 points. High volatitily indicates confusion, while steep uptrend suggests that the recent bottoms are unlikely to be seen in the near future. The immediate hurdle for index is at around 3650 points.

NIIT: The only stock which hit 16 per cent down circuit, a substantial dip from the day's high. The level of Rs 530 should be considered as the first major hurdle and the last and major resistance for this stock is at Rs 660. Minor base should be considered at Rs 407.

Wipro: This counter has also formed a resistance at Rs 1365. It has a support at around Rs 1100.

L&T: Although it opened strong, the stock witnessed huge selling pressure and formed a hurdle at Rs 230, above which the position is likely to improve. The level of Rs 206 is a minor base.

Hindalco: The stock has remained above its first base of Rs 720 in the last couple of weeks and the position remains favourable. The level of Rs 860 is first resistance for counter.

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