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Trading strategy for May 20, 2002

BSE Sensex: The index further slipped. Though there could be periodic bounces, major outlook continues to be weak. Level of 3300 continues to be a major support for the Sensex.

Infosys: The stock has posted a lower top at Rs 3940. If this pattern is accompanied by lower bottom i.e. if the stock breaks the level of Rs 3600, it is likely to enter a fresh bear phase. Thereafter next base lies at Rs 3490.

Zee Tele: The stock is likely to post a bounce from these levels. At the same time the stock has entered a fresh bear phase. Any rise in the stock should be used as an opportunity to exit or go short. It has immediate resistance at Rs 145 levels.

Reliance: The stock merely posted a bounce and the outlook continues to be negative. Position will further deteriorate below Rs 275. On the upper side immediate hurdle is at Rs 287 and major hurdle is at Rs 296.

Hero Honda: The stock has a major base at Rs 315. This level can be used as a stop loss for all long positions. On the upper side major hurdle lies at Rs 370.

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