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Trading strategy for January 10, 2002

Outlook: The sharp correction in the technology-based stocks suggests that there is likley to be some consolidation before the next upmove. At the same time, selective pivotals can possibly post a rally.

BSE Sensex: The index has already posted a sharp correction from the high. Next support for the Sensex lies at 3320 points and thereafter at 3240 points. On the upper side, the level of 3460 points would act as a major hurdle.

Wipro: The level of Rs 1860 would act as a major hurdle for the counter. It is likely to find support at Rs 1640 levels. One should wait for consolidation before taking fresh positions.

L&T: The stock has a good base at Rs 192. Long positions can be taken in the counter with this level as a stop loss. On the upper side, there is a hurdle at Rs 220.

Reliance: The stock has been showing strength on a sustained basis. There is an immediate support for the stock at Rs 314. It finds a medium-term support at Rs 296. One should hold on to long positions. The next hurdle lies only at Rs 350.

Bhel: The stock has a good base at Rs 135. Long positions can be taken in the stock with this level as a stop loss. On the upper side, it has an immediate hurdle at Rs 150.

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