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Trading strategy for January 28, 2002

Outlook: There was relatively higher activity in the technology-based stocks. Probability of a rally from these levels has increased further. At the same time, rally in the pivotals is likely to be selective. Cement counters and in the steel sector, Tisco, are likely to place a consolidation phase. Reliance, HLL, ITC and SBI can rally from these levels.

BSE Sensex: The level of 3326 points would act as an immediate support. Short-term hurdle for the index is at 3380 points, above which the outlook is likely to improve.

Wipro: Amidst much volatility, the counter has not broken its major support of Rs 1550. Long positions can be taken in the counter with this level as a stop loss. The stock can rally upto Rs 1700 levels.

Satyam Computers: The stock has reversed sharply from its major base of Rs 255. The counter continues to be in a medium-term uptrend. Short-term traders can take long positions with this level as a stop loss. It has the next hurdle at Rs 290.

Zee Tele: The stock continues to have a major base at Rs 122. Short-term traders can take long positions with this level as a stop loss. On the upper side, the counter can rally upto Rs 138.

SSI: The level of Rs 198 would act as an important support in the short-run. Long positions can be taken in the counter with this level as a stop loss. On the upper side, the counter can rally upto Rs 235.

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