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Money > Stocks > Technicals > Daily technicals January 20, 2001 |
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Trading strategy for January 22, 2001Outlook: Today's movement in technology-based stocks could augment a reversal in these stocks. The lows made on Thursday by stocks like Wipro, DSQ Software, Zee Tele, Digital Equipment, HFCL and Global Tele, should be taken as a reference points in the short-term. Counters like Satyam, Wipro and Digital have crossed their medium-term resistance levels and appear more attractive than other stocks. BSE Sensex: The Sensex has continued its rally and has broken its immediate hurdle of 4200. The next hurdle lies at 4332 points. It has an immediate support at 4140 points. SBI: The stock has a good support at Rs 214. It has an immediate hurdle at Rs 222, above which the outlook is likely to improve. One can take long positions above this level with a stop loss of Rs 217. Cipla: The stock has an immediate hurdle at Rs 1100. The outlook would improve above this level. One can take long positions above Rs 1100 with a stop loss of Rs 1075. Dr Reddy's: The stock has a hurdle at Rs 1375 and the outlook would improve only above this level. One can take long positions above this level with Rs 1350 as a stop loss. Reliance Petro: The stock has been moving in a narrow range for the last four trading sessions. It has an immediate hurdle at Rs 61, above which the outlook could improve further. It has an immediate support at Rs 60. Arc Investments & Consulting
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