Search the Internet          Tips  Sites: Finance, Investment

Trading strategy for October 11, 2002

BSE Sensex: Infosys' second quarter results gave a major boost to the market sentiment and a large number of software counters showed a smart recovery from their respective lows. The level of 2935 points is an immediate reference point for long positions. The level of 3000 points, however, is an immediate resistance.

Infosys: Due to improved quarterly results, this counter managed to gain nearly 5 per cent on Thursday. While a steady improvement is not ruled out, the range of Rs 3700-3800 will act as a resistance. The level of Rs 3450 is an important support and all long positions be should be offloaded below this base.

United Phosphorus: This stock gained 12 per cent on Thursday and managed to move above its important resistance of Rs 176. The outlook is favourable and further improvement is not ruled out. On the down side, the level of Rs 146 should be used as a stop loss for all long positions.

Zee Tele: This counter has shown a sharp reaction from Tuesday's high of Rs 92.90. Since the fall was sharp and the medium-term outlook is not very encouraging, long positions should be taken only above this resistance. On the downside, the weakness will increase further below Rs 80.

HFCL: The medium-term outlook for this counter is far from impressive and a further decline will not bring surprise. The level of Rs 40.50 is an immediate resistance and a strong hurdle lies at around Rs 45.

Arc Investments & Consulting

Money
Business News

Tell us what you think of this report