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Trading strategy for July 1, 2002

BSE Sensex: The recovery on IT counters managed to sustain itself on Friday. However, resistance is expected at higher levels, and the outlook for the market does not change drastically. One can expect a sideways to negative move in the short run.

SSI: The stock has formed a strong resistance at Rs 180, and long position should be initiated only above this hurdle. On the downside, weakness will increase further below Rs 153.

Rolta: After a sharp fall from its peak of Rs 172, it has been moving in a narrow range. While a narrow movement is likely, medium term outlook will weaken below Rs 130.

Bilt: Thanks to strong buying support, it gained 14 per cent on Friday. The outlook for the counter is positive and further improvement will not bring surprise. The stop loss for long position should be Rs 47.

Telco: The performance of this automobile major has been impressive in the recent past, and the outlook continues to remain positive. A minor hurdle, however lies at Rs 159. The level of Rs 144 can be used as stop for short-term positions.

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