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Trading Strategy for the week ending March 19, 2000

Reliance: The stock has seen a sharp decline in the last few trading sessions. Friday's close is near its medium term support level of Rs 215. It may show some consolidation around this level. However, no long positions are advisable. It has its first major resistance at Rs 290 and the last hurdle is at Rs 320.

Zee Telefilms: The stock has broken an important base of Rs 1300 and appears weak. On the upper side, the stock has major resistance at Rs 1420. All long positions should be contemplated only when these levels are crossed.

Pentamedia: The stock has broken all short-term supports. Next and last support for the stock lies at Rs 1600. On the upper side, the stock has its first resistance at Rs 1870. The last hurdle is at Rs 2050.

MTNL: The stock is in a corrective mode and has seen a steady decline in the last few days. The stock has a strong base at Rs 280. Unless this level is broken, medium term players needn't worry. On the upper side, the stock has a strong resistance at Rs 375. A move above this level would be extremely good for the counter.

Ranbaxy: The stock is against the trend, and is likely to face strong resistance on the upper side. The first resistance for the stock exists at Rs 720 whereas the next hurdle is at Rs 740. A move above these levels would be good for its short-term health. On the down side, it has a strong base at Rs 640.

Bajaj Auto: The stock is making an attempt to show a rally. The immediate hurdle for the stock is at Rs 307 above which its short-term outlook will improve. The next major hurdle is at Rs 350. The immediate base for the stock is at Rs 285 whereas the last support exits at Rs 258.

By Arc Investments & Consulting

Stocks

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