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Trading strategy for March 24, 2000

Himachal Futuristic: The stock has crossed its first resistance and has closed on an extremely strong note. Immediate support lies at Rs 1840 and then it has a major support at Rs 1760. On the upper side, the first resistance exists at Rs 2000 and then at Rs 2280.

Satyam Computer: The stock has shown weakness and has nearly broken its long term support. It has an immediate support at Rs 4770. No long positions are recommended at this stage. Major support lies at Rs 3800. On the upper side, it has an immediate resistance at Rs 5350 and then subsequently at Rs 5400 and Rs 5800.

HDFC Bank: After some consolidation the stock has shown some strength. One can take long positions with an immediate stop loss of Rs 267. Next support lies at Rs 257. On the upper side, the stock has no resistance.

Wipro: The stock appears strong as it has crossed two major hurdles. The first support exists at Rs 4675 and the next base is at Rs 4400.

Reliance Industries: The stock has been looking for a direction for the last two trading sessions. Once it crosses Rs 246, one can take long positions with a stop loss of Rs 240. On the lower side, the stock has closed near its immediate support level of Rs 238. Once this is broken, the next support lies at Rs 228 and thereafter at Rs 220.

Digital Equipment: The stock has closed near its major support level of Rs 755. This can be used as reference point for all long positions. The stock has its first major resistance at Rs 830 and long positions are advisable only after this level is crossed.

By Arc Investments & Consulting

Stocks

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