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Trading strategy for March 5, 2001

BSE Sensex: With panic selling in IT stocks, the index witnessed a sharp fall of 244 points from the day's high. The latest fall has made the level of 4387 points as an important resistance and for a better outlook, it needs to cross this level. The level of 4020 points is an immediate support. The base thereafter exists at around 3800 points.

Infosys: This counter has dipped below its important reference point of Rs 5500 and the outlook has weakened drastically. The outlook will continue to remain negative unless the level of Rs 6300 is crossed. One should avoid any long positions on this counter.

NIIT: Like Infosys, this counter has also broken an important base level and the position has turned from bad to worse. One should avoid any long positions as performance is likely to be negative. The level of Rs 1280 is an important resistance.

Grasim: The stock managed to remain firm for a major part of the day and has made a base at Rs 320 which can be used as stop loss for short-term long positions. The uptrend is likely to get accelerated above Rs 346.

Tata Power: The stock remained under pressure and lost more than 4 per cent. With the latest fall, the level of Rs 154 has become an immediate hurdle and the next resistance for this counter lies at Rs 168. Long positions should be taken only above Rs 168 level.

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