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July 27, 2001
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Money > Stocks > Technicals > Daily technicals July 27, 2001 |
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Trading strategy for July 30, 2001BSE Sensex: While a large number of IT counters recovered smartly on Friday, the index closed in negative territory. The damage was done by stocks like Bhel and ITC. The position in index is far from impressive and the next support is at 3097 points. If there is a rally, it would be of corrective nature. Infosys: For the past ten trading sessions, the counter has been moving in a band. A move on either side will determine the short-term direction. The weightage appears to be on the down side. While the base is at Rs 3562, the level of Rs 3780 is a strong hurdle. Reliance: The stock has been on a steady slide. The level of Rs 290 can be used as a stop loss for those who anticipate a bounce and are willing to go against the trend. It has a strong resistance at around Rs 330. ITC: The stock has made a strong hurdle at Rs 805 and unless this level is crossed, the position will not improve. The downtrend may accelerate below Rs 700 which is an important reference point for medium-term players. Nestle: The stock has moved in a band for the last eight months. Although liquidity is very thin on this counter, a move above Rs 565 would be good for its medium-term position. In that case, the level of Rs 500 can be used as stop loss level. Arc Investments & Consulting
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