Return
to Story Page
To print: Select File and then Print from your
browser's menu
K Seshadri
December 14: The Sensex has lost thirteen points to close at 2990. The market opened with the index at 3014 - 11 points over the previous close of 3003. It moved up to post an intra-day high of 3029, which was higher than the previous high of 3020. The low for the day was 2982, six points lower than the previous low of 2988. At close the index lost 13 points.
ACC is resting on the uptrend slope. ABB may find support at Rs 255 or slightly lower. Asian Hotels has come down, but on extremely thin volumes. Brittania is under reaction, but the stochastic indicator is still positive. Support for BSES is there at Rs 136. Burroughs could take support at Rs 582. CESC might still take off despite lukewarm behaiour. Cochin Refineries could take support at Rs 125.60. Colgate might yet return to its upslope after the current reaction.
In the Sensex chart, the daily stochastic indicator has crossed its trigger line indicating a sell for short-term. But this has not happened on the weekly chart. The interpretation isthat long-term investors can still pick up bluechips on decline. But do allow the wave of profit-taking to go through. Corporation Bank could be a pick in reaction. Digital Equipment at Rs 137 could be another target.
Pharma shares are coming down in a wave of profit-taking. While they could be tempting for short-selling, one also needs to take care of risks.
The market is highly choppy and speculators are in plenty. Again the market is being moved by big institutions and operators. In choppy markets, it is safe for average investors to stay out of risky operations. Book your profit, but leave short-selling to experts.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
------------------------------------------------------------
This story was printed from Net Express located at http://www.expressindia.com. Net Express provides a portal to India, with news from The Indian Express and The Financial Express along with sites on travel and tourism, the entertainment industry, the power sector, the environment and much more.
------------------------------------------------------------