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Trading strategy for May 10, 2002

BSE Sensex: An impressive rally on Nasdaq gave a good start on Thursday, but performance thereafter was not very impressive. It gained 22 points as the PSU stocks attracted strong buying during the second half of the day. The uptrend is expected to face strong resistance around the current levels.

Satyam Computers: It showed a sharp fall from its intra-day high of Rs 268. Long positions should be taken only above this level, whereas the outlook will turn bearish below Rs 250.

Digital Global: After a long time, it has broken its immediate base and the correction may continue. While the medium-term position is favourable, the short-term strength will emerge only above Rs 780.

Infosys: This counter too closed in the negative territory despite a good start. The position will weaken further below Rs 3620.

Bhel: The medium-term outlook for this stock is impressive and the uptrend is likely to gather momentum above Rs 195. The level of Rs 160 is an important base and long positions should be liquidated only below this level.

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