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Trading strategy for October 16, 2002

BSE Sensex: After a firm opening, the market showed a dull trend on Monday. The index gained 7 points, and a sideways to positive move is not ruled out. The level of 2934 points continues to remain as an important reference point for long positions. The immediate resistance however is likely at around 3040 points.

HCL Tech: The stock has been moving in a broad range for the last two months, and the medium term position will weaken only below Rs 193. On the upper side, the position will improve smartly above Rs 222.

NIIT: The medium term outlook for this stock is far from impressive, and a sideways to negative move is expected. The level of Rs 145 is an immeidate hurdle. The outlook will weaken further below Rs 127.

Rolta: The position of this counter has also been far from impressive, and the outlook should worsen further below Rs 75. On the upper side, the level of Rs 84 is an immediate hurdle.

ONGC: This PSU counter has done reasonable well and the outlook remains favourable. While a minor resistance for the counter lies at around Rs 385, the stop loss for all long position should be Rs 335.

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