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Trading strategy for April 12, 2000

Technology stocks on the whole became liquid after a span of six trading sessions. So technical levels make some sense only at this stage. Infosys has corrected about 50 per cent from the bottom. A similar trend was witnessed in other software stocks too. At this stage, most of these stocks have yet to consolidate.

Zee Telefilms: The stock has shown a sharp rally from its immediate major bottom of Rs 732. The stock is currently trading close to its resistance of Rs 1100. Immediate and major support for the stock is at Rs 980. Below this level, the stock does not have any support till Rs 735.

Global Tele: This stock too has closed near its immediate resistance of Rs 2200. Immediate support for the stock lies at Rs 2000 and then at Rs 1925.

MTNL: The stock is yet to cross its resistance level of Rs 252. One can take a long position above this level with a stop loss of Rs 240. The stock has an immediate support at Rs 238 below which the fall is likely to accelerate. One can contemplate short positions below this level with a stop loss of Rs 246.

SBI: The stock has been ruling above its short-term resistance. It has an immediate support at Rs 213 which can be used as a stop loss for short-term positions. On the upper side, the stock has a major resistance at Rs 231. Above this level, the outlook will improve.

Ranbaxy: The stock has posted an intra-day correction and has closed near its immediate resistance of Rs 770. Once this is crossed decisively, the rally is likely to accelerate. It has an immediate support at Rs 725 below which short-term positions should be liquidated.

BSES: The stock has posted a 35 per cent gain from its last week's bottom. Immediate support lies at Rs 247 which can be used as a stop loss for all short-term positions. Immediate resistance lies at Rs 265 and the next resistance is at Rs 280 levels.

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