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March 8, 2001
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Money > Stocks > Technicals > Daily technicals March 8, 2001 |
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Trading strategy for March 9, 2001
Outlook: Artificial measures like banning of short-selling distort the concept of price discovery. The market has lost depth because of the ban. This has also reduced the role of technical analysis, especially in the short-term. BSE Sensex: The index has taken a minor resistance at 4120 points. On the lower side it has a minor support at 4020 and thereafter at 3920 points. DSQ Software: The stock is close to another short-term support of Rs 250, below which the outlook will deteriorate further. On the upper side it will face resistance at Rs 280. ITC: The stock continues to face resistance at Rs 840. The counter is still in a downtrend. It has a minor support at 760 levels and then at Rs 720. HLL: The stock has good support at Rs 220, which can be used as a stop loss for short-term positions. The next major support lies at Rs 202. It has a hurdle at Rs 238, above which its outlook is likely to improve further. Telco: The level of Rs 88, would serve as a support for the medium term. Below Rs 88, the outlook will turn negative. The stock is likely to face a major hurdle at Rs 120. Arc Investments & Consulting
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