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Trading strategy for May 18, 2001

BSE Sensex: Finally, the Sensex has managed to cross its major hurdle of 3650 and has closed above it. The next hurdle now lies at 3800. The level of 3400 should be taken as a reference point in the medium-term.

Wipro: The stock has an immediate hurdle at Rs 1720 and any position is likely to improve above this level. On the lower side, it has an immediate support at Rs 1640 and thereafter at Rs 1500.

NIIT: The stock has broken its first intra-day support of Rs 450 and has closed near it. The outlook for the stock is likely to further deteriorate below Rs 440. After that, the next support lies at Rs 410. On the upper side, it has an immediate hurdle at Rs 465.

Tisco: The stock has managed to cross a major hurdle of Rs 142. The counter is entering a medium-term bull run and any decline between the level of Rs 130-135 should be used as an opportunity to buy the stock from a medium-term perspective. Its major base lies at Rs 110, which should be used as a stop loss for long positions.

MTNL: The stock has been moving sideways for the past 18 trading sessions. It has a major hurdle at Rs 152, above which long positions can be taken with Rs 146 as a stop loss.

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