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Trading strategy for April 19, 2001

BSE Sensex: Thanks to across the board buying, the index managed to show a smart rally and easily crossed its first resistance of 3370 points. The next hurdle is now at around 3500 and the support continues to be at 3275 points.

L&T: The trading volume was significantly higher on the counter and the level of Rs 210 should be considered as a stop loss. The first reistance for this counter is at Rs 235.

Telco: The stock has shown a smart rally, but is close to its first resistance of Rs 71. The hurdle thereafter exists at around Rs 80. The level of Rs 68 can be used as a stop loss for long positions.

Bhel: The stock turned from its resistance of Rs 155 and this level will continue to act as a major hurdle. While the main support remains at Rs 115, fresh base can be made in the near future, may be at around Rs 135.

EIH: Although quite illiquid, the stock has done well in the last few months and the outlook remains positive. The level of Rs 200 should be used as a stop loss point. The uptrend may gather momentum above Rs 225.

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