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Trading Strategy for January 18, 2000

Grab Reliance, Tisco and Ranbaxy

BSE Sensex: The level of 5398 is a crucial weekly support. If it breaks this level then it can slide to 5320 and thereafter expect a free fall. On upper side it will face resistance at 5447 or 5490. Above 5490, expect a rocket-like movement to 5532 or 5575. Instead of going short in Sensex stocks, buy them on every decline. The market should take a U-turn in early hours itself.

S&P CNX Nifty: The level of 1606 is a trend-decider. Below this level it can slide to 1586 or expect a fall to 1575. On upper side it can flare upto 1627 and thereafter it can zoom to 1638 or 1650.

Reliance: Buy this stock on every decline. Below Rs 309 it can slide to Rs 303 or Rs 300. Above Rs 309 it can flare upto Rs 315 and thereafter it can easily flare upto Rs 321.

SBI: The level of Rs 242 is a trend-decider. On downside it can slide to Rs 228 and thereafter expect a fall to Rs 220. Above Rs 242 it can flare upto Rs 246 or Rs 251. Monthly crucial support level exists at Rs 235. Below this level it can slide to Rs 224 or expect a free fall to Rs 213. If it remains above Rs 235 it will favour bulls.

ITC: It was mentioned in Trading Strategy dated January 11, 2000 to exit from this scrip. It hit a high of Rs 944 and fell to Rs 820 on a downward freeze. For today's trading consider Rs 820 as a crucial decider. On downside it can slide to Rs 785, Rs 767 or Rs 750. On upper side it can flare upto Rs 855. Within one or two days it will take a U-turn.

L&T: The level of Rs 482 and Rs 486 are trend-deciders. On downside it can slide to Rs 464 or Rs 454. On upper side after crossing these levels, it can flare upto Rs 492 or Rs 500.

HLL: The level of Rs 2630 is a trend-decider. On downside it can slide to Rs 2525. (If it breaks and starts trading below Rs 2577 level, expect a free fall. Above Rs 2630 it can flare upto Rs 2667.

Infosys: It has been the culprit number one! Last major monthly support exists at Rs 11,758. Below this level, it can easily tumble upto Rs 10,795 or expect a free fall to Rs 8935. Traders can expect it to hit a bottom in the next three trading sessions. Any revival should be considered as an opportunity to exit. For today's trading it will have to cross Rs 12,200 to regain strength. On downside it can slide to Rs 11,405 or Rs 10,950. Above Rs 12,200 it can flare upto Rs 12,650.

Satyam: Buy above Rs 2600 or Rs 2626 only. It can slide to Rs 2527 if it breaks and starts trading below Rs 2563. Below Rs 2527 expect a free fall. On upper side, it can flare up to Rs 2644 or Rs 2680.

Pentafour: The level of Rs 1210 is a trend-decider. On downside it can slide to Rs 1175 or Rs 1155. On upper side it can flare upto Rs 1230 or Rs 1265.

Zee Tele: The level of Rs 1042 is a trend-decider. On upper side it can flare upto Rs 1060 or upto Rs 1080. On downside it can slide to Rs 1020.

Global Tele: The level of Rs 1066 is a trend-decider. On upper side it can flare upto Rs 1082 or Rs 1100. On downside it can slide to Rs 1047 and thereafter don't remain long.

Gramophone: The level of Rs 778 is a trend-decider. On upper side it can jump to Rs 810, Rs 828 or Rs 851. The last major resistance exists at Rs 893. Thereafter it may touch Rs 1000. From this level of Rs 794, it may double in the next three months. Don't look for fundamentals; it is very strong technically.

MTNL: The level of Rs 321 is a trend-decider. On upper side it can flare upto Rs 330 or Rs 334. On downside it can slide to Rs 312 and thereafter don't remain long.

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