The sentiment on the BSE remained extremely weak on Monday. The buying was absent on most of the counters. Almost all the key stocks did poorly and affected the Sensex. Reliance was the only counter which managed to remain firm, and attracted huge buying. Among the other index-based counters, ITC also remained firm.With a 38 points fall, the sentiment for the Sensex continues to remain weak. HLL has moved in the narrow range which is likely to continue in the near future. On the upper side, the outlook will improve above Rs 290.Till this level is crossed, the outlook will not show much of an improvement.
While HLL remained dull, Reliance, and ITC managed to attract strong buying. For Reliance, the resistance is nowhere in sight, and the counter is likely to do well in the near future.
For short-term players, the level of Rs 352 can be used as a stop loss level. For extremely short-term player, the level of Rs 358 can be used as stop loss level. ITC has done reasonably well in the recent past, and may remain firm in the near future. On the downside, the stock has a good base Rs 780, which can be used as stop loss level by short term players.
Infosys, another heavyweight in the Sensex, appears weak. The announcement of its first quarter results on Tuesday will determine the future direction.
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