Trading strategy for October 16, 2000

BSE Sensex: Last week, the index failed to cross its immediate resistance of 3900 points and has made a fresh immediate hurdle at 3800. On the lower side the next support is at 3700. But with the NASDAQ rising 242 points, Indian markets can show a good bounce.

Nestle: The stock has been posting higher bottoms and higher tops. From the medium term perspective the stock will face resistance at Rs 600 levels. On the lower side it has its immediate support at Rs 470 and then at Rs 440.

Ranbaxy: The stock demonstrated an interesting movement today. After breaking its major support level of Rs 620, the stock rallied sharply with good volumes. It has yet to cross its major hurdle of Rs 665 and then at Rs 680. For all long positions Rs 600 can be used as a stop loss.

GE Shipping: The stock is above its short term resistance and appears attractive for long positions. The move will gather momentum above Rs 28. Immediate support is at Rs 24 and the next support is at Rs 22.

Infosys: This stock has a support at Rs 6255 and then at Rs 5850. On the upper side there is an immediate hurdle at Rs 6650 and at Rs 6800.

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