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Trading strategy for March 7, 2001

BSE Sensex: The sensex has seen an unabated fall of more than 400 points. In this process, the index has broken a major support level of 4004 points. The outlook is far from positive and no long positions are recommended especially in the tech-related sector. In selective non-tech sector, the position of the stocks is better, but long positions should be taken after much consolidation.

Infosys: The medium-term position as stated earlier has turned negative below Rs 5500. Any bounce should be used to exit the counter. It has an immediate support at Rs 4681, below which the fall is further likely to gather momentum.

Wipro: The stock has come down to its last support level of Rs 1900, below which the outlook is further likely to turn negative. On the upper side, it has an immediate hurdle at Rs 2180.

Gujarat Ambuja: The outlook for this stock in the medium term continues to remain positive. In the short-term, it has an immediate resistance at Rs 202, above which one can take a long position with Rs 192 as a stop loss.

Grasim: This stock too has not broken any medium term level and the outlook is likely to improve above Rs 328. One can take a long position above this level, with Rs 310 as a stop loss.

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