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Trading strategy for September 23, 2002

BSE Sensex: It opened with a lower gap on Friday but the performance thereafter was impressive. The Index showed smart recovery from its intra-day low of 2993.78 points, and this level now becomes an important reference point for long position. Resistance is likely in the range of 3080-3100 points.

Hinduja TMT: From its intra-day low of Rs 280, it recovered smartly, and a sideways to positive move is likely in the short run. The level of Rs 280 is stop loss for long position whereas the position will strengthen further above Rs 308.

Polaris: The performance of Polaris was no different. This counter too recovered smartly, and the outlook is likely to turn bearish only below Rs 194. On the upper side, the level of Rs 220 is a major hurdle, and will not be easy to cross.

Hexaware: This stock has showed extreme volatility in the last few days. It has a good support at around Rs 75. On the upper side, it has a strong hurdle at Rs 108 but once this level is crossed, the outlook will turn extremely bullish.

HPCL: Alongwith BPCL, this PSU stock was also in recovery mode on Friday. The level of Rs 181 can be considered as an important support. On the upper side, it has a strong resistance at around Rs 210.

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