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Trading strategy for April 24, 2001

BSE Sensex: The uptrend showed a slowdown on Monday as selling was witnessed at higher levels. The index made an attempt to jump further, but faced strong resistance. The level of 3650 points is the first hurdle. The level of 3525 points should be considered as an immediate base.

Wipro: The level of Rs 1415 has become an important resistance and the position will show an improvement above this level. The first base for this counter is at Rs 1300, whereas the next support is at around Rs 1250.

Sterlite Optical: The stock has formed a hurdle at Rs 360 above which the position should improve. While a minor base is at around Rs 325, the next base could be formed at around Rs 290.

L&T: The counter managed to remain above its important base of Rs 206. While the first resistance is at around Rs 230, the position will improve above this level. The level of Rs 206 is the stop loss point.

Apollo Tyres: For the last six weeks, the counter has moved in a narrow range and appears to be forming a bottom. Those who believe in bottom fishing can have a long view with a stop loss of Rs 45. It may face a major hurdle at around Rs 65.

Arc Investmensts & Consulting

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