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Trading strategy for April 5, 2000

With nearly 80 per cent of the top stocks at lower circuit, the market reported one of the worst falls in recent years. In such circumstances, technical analysis has little value when the price movements thrive on sentiments.

Earlier, we had mentioned that all the technology-related stocks had broken their medium term support levels and the outlook would remain negative. Today, we have mentioned few support and resitance levels for non-technology stocks. In these cases, no long positions are advisable unless the major resistance levels are decisively crossed.

ACC: Immediate supports is at Rs 140 and Rs 136. Medium-term support stands at Rs 124. The first resistance is at Rs 147 and there is a strong resistance at Rs 155.

Reliance: Immediate support is at Rs 285 and a major support is at Rs 260. The first resistance stands at Rs 315 and a major hurdle is at Rs 330.

ITC: First and last support is at Rs 700. Immediate resistance is at Rs 760 and the next hurdle is at Rs 790.

TISCO: Immediate support is at Rs 106 whereas the major base is at Rs 102. The first resistance lies at Rs 116 and a major resistance is at Rs 122.

TELCO: The last and immediate support lies at Rs 122. The first resistance is at Rs 134 and the next hurdle is at Rs 144.

HLL: The last and immediate support exists at Rs 2300. The first resistance is at Rs 2520 and the next hurdle is at Rs 2620.

L&T: Immediate support is at Rs 270 and the last support exists at Rs 250. The first resistance is at Rs 290 and the last hurdle is at Rs 310.

Ranbaxy: The last support lies at Rs 635. The first resistance is at Rs 690 and the last resistance is at Rs 730.

MTNL: It has broken all support levels and the next base lies at Rs 180. Immediate resistance is at Rs 226 and the last hurdle is at Rs 246.

BHEL: The stock closed near its major support of Rs 120. Below this, there is no support level in sight. The first resistance exists at Rs 128 and the last hurdle is at Rs 136.

No long positions are advisable unless the major resistances mentioned above are decisively crossed.

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