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Trading strategy for March 15, 2000

NIIT: It appears that the stock is at a consolidation stage. It has crossed the first minor top and has closed firm. It has made a double top of Rs 2615. For any sustained upward movement, it needs to cross these levels. On the lower side, it has its first support at Rs 2280. Major support for the stock exists at Rs 2200 levels.

SBI: The stock is currently in a corrective mode and has closed near its short-term resistance at Rs 180. On the lower side, the stock has an immediate support at Rs 172. However, major support lies at Rs 164.

Tisco: The stock has crossed the first major resistance and closed above it. It has some very strong support at Rs 90, which can be used as reference point for all long positions. On the upper side, the stock faces its next resistance at Rs 112 and then at Rs 125.

Castrol: After consolidating itself for almost 15 trading sessions, the stock has crossed its short-term resistance levels which is good news. On the upper side, it has a strong resistance at Rs 375. It has a strong base at Rs 295, which can be used as a reference point for an exit.

Sterlite: The downward correction seems to be over on this counter. The immediate support for the stock exits at Rs 960, whereas the next base is at Rs 930. On the upper side, any move is likely to accelerate above Rs 1050.

BHEL: The stock has shown consolidation and has moved in a narrow range in the last few days. In the process, the stock has made a good base at Rs 120 that can be used as a reference point for all long positions. On the upper side, it has resistance at Rs 136, and Rs 160, respectively.

By Arc Investments & Consulting

Stocks

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