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Money > Stocks > Technicals > Daily technicals February 19, 2001 |
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Trading strategy for February 19, 2001Sentiment was negative across the board and one should be very careful in taking long positions. This goes especially for tech-based stocks in which the downtrend is likely to continue. Even in the non-tech sector, one should wait for things to consolidate before taking any fresh long positions. BSE Sensex: The level of 4320 points has been broken and the short-term outlook has turned negative. At this stage, the level of 4460 would serve as a strong hurdle in the short-run. Himachal: As suggested yesterday, the stock has broken all short-term and medium-term supports and the fall is likely to continue further. Next major support for the stock is only at Rs 600. On the upper side, the level of Rs 1020 would act as a strong resistance level. Infosys: In the short-run, the stock would face a major hurdle at Rs 6550. Moreover, the stock is below its short-term support. Next major support for the counter lies at Rs 5700. DSQ Software: The level of Rs 465 would act as a major medium term hurdle. One should contemplate on long positions only above this level. Even the medium term players can enter the stock above this level, with Rs 405 as a stop loss. HLL: The stock has good resistance at Rs 222 and one can take a long position above this level, with Rs 215 as a stop loss. Next major support lies at Rs 205. Arc Investments & Consulting
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