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Trading strategy for April 18, 2001

BSE Sensex: With strong buying on old as well new economy counters, the Sensex managed to recover further on Tuesday. The level of 3370 points will continue to act as the first major hurdle. The level of 3273 points can be used as an immediate reference point for long positions.

NIIT: Like other software stocks, NIIT too showed wild moves on Tuesday. The level of
Rs 465 can be used as a stop loss. The level of Rs 540 is likely to act as a major hurdle on the upper side.

Grasim: The stock has made a good base at Rs 275 which can be used as a stop loss for long positions. The outlook will improve smartly above Rs 290.

HCL Tech: The stock has formed a resistance at Rs 270 in its intra-day chart, which should act as the first major hurdle for this counter. The level of Rs 245 can be used as a first base point.

HDFC Bank: This stock features among those very few which managed to remain strong in the recent crisis. The outlook remains positive. The level of Rs 210 should be used as a major base for long positions. The level of Rs 280 is the first resistance.

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