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Trading strategy for July 13, 2001

BSE Sensex: The index is close to its immediate hurdle of 3487 and the next hurdle lies at 3525 points. Selective counters like ACC, Grasim, Ranbaxy, HLL and Tata Power have shown early signs of strength and the medium term position of these stocks is likely to improve further. At the same time, the tech sector has yet to show major improvement and no long positions are recommended. Digital Equipment could be treated as an exception. Technically speaking, this counter is placed in a far better position than other stocks.

Infosys: The counter is approaching its major hurdle of Rs 4000. The upside from these levels appears limited. The medium-term outlook will improve only above Rs 4300. It has an immediate support at Rs 3450.

HLL: The counter has managed to decisively cross its major resistance of Rs 210 and has closed above it. It has a major base at Rs 192. Medium-term positions should be taken on declines.

Ranbaxy: This counter too has crossed a major barrier of Rs 511. The position of the stock has improved, and long positions can be taken on declines. It has a major support at Rs 450.

Tata Power: The stock has been able to sustain at higher levels. The position would improve further above Rs 142. The level of Rs 132 can be used as stop loss for long positions.

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