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March 7, 2001
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Money > Stocks > Technicals > Daily technicals March 7, 2001 |
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Trading strategy for March 8, 2001
Outlook: The technology-related stocks displayed high volatility on Wednesday. In the short-term the Wednesday lows would act as a reference points for all these stocks. As such the outlook remains bearish in these counters and no long positions are recommended. BSE Sensex: The bounce in the Sensex is of only a corrective nature. It continues to face a hurdle at 4150 points. The short-term outlook is likely to deteriorate further below 3910. SSI: The stock is approaching its short-term hurdle of Rs 1000. It has an immediate support at Rs 910 and a bigger base at Rs 850, below which the outlook will further turn negative. Global Tele: The stock has strong resistance at Rs 300 levels. It has an immediate support at Rs 270 and then at Rs 245. Infosys: This stock has a major hurdle at Rs 5500 levels. It has an immediate support at Rs 5000 and then at Rs 4870. The counter continues to remain in a downtrend and long positions are not advisable at this stage. Hindalco: The stock is approaching its major base of Rs 720, below which medium term players can liquidate their long positions. It has its next base at Rs 620 and a major hurdle at Rs 880, above which the outlook will improve substantially. Arc Investments & Consulting
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