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Trading strategy for May 17, 2002

BSE Sensex: Main technology and media counters like Satyam, Infosys, Zee Tele and NIIT appear weak. Even stocks like Mastek, Aftek and Visual have started showing some signs of fatigue. From the purely index point of view the outlook appears weak with a major hurdle continuing at 3480 points.

Wipro: Level of Rs 1500 is the last base for the stock, below which the short and the medium term outlook turns negative. On the upper side immediate hurdle lies at Rs 1670.

Aftek Info: The stock is approaching its major base of Rs 400. This level should be used as a stop loss for all medium term positons. Any bounce in the counter can be used as an opprtunity to exit the counter.

Mastek: The counter has broken its first base of Rs 355 and has closed below this level. Next and the last base is at Rs 310, below which all long positons should be liquidated. On the upper side major hurdle continues to be at Rs 410.

Tata Power: There is an increasing activity developing in the counter. One can take long positions in the stock with a stop loss of Rs 110. On the upper side position will further improve above Rs 123.

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