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Trading strategy for October 14, 2002

BSE Sensex: The recovery process continued on Friday too and the index added another 28 points. While the uptrend is likely to face a strong hurdle at around 3038 points, the level of 2935 points is an important support on the downside. As the sentiment has shown early signs of improvement, one can expect sideways to positive trend in the short run.

Wipro: With a strong buying support, this counter managed to gain more than 5 per cent on Friday and a further improvement will not bring surprise. On the upper side, it may face a hurdle in the range of Rs 1500-1550. The level of Rs 1280 is an important support and long positions should be liquidated below this base.

KPIT Info: There has been a steady improvement on this counter and further improvement is not ruled out. While a strong hurdle is expected at around Rs 180, the level of Rs 138 should be used as a stop loss for long positions.

Bajaj Auto: This counter seems to have made a base at Rs 360. This should also be used as a stop loss for long positions. On the upper side, a strong hurdle is expected in the range of Rs 440-460.

Tata Elxsi: The performance of this stock has not been very encouraging in the recent past. All long positions should be offloaded if it dips below Rs 90. On the upper side, a strong resistance is expected at around Rs 110.

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