April 28: With the onset of the much-belated technical correction, bear operators have moved in for the kill. Yet, the undercurrent at the bourses continues to remain positive on the hope that financial institutions will intervene and support the market at lower levels.With Reliance Industries now entering the no-delivery zone, the direction it takes could well determine the trend in the market. Traders could set a target of Rs 175 for buying it and Rs 215 for selling it.
Scrips worth a look at for buying are Karur Vysya Bank at Rs 199, German Remedies at Rs 402, Hindustan Lever at Rs 1,575 and Castrol at Rs 685. Another scrip worth focussing on is Cadbury at Rs 390 for buying and Rs 410 for selling, as it too is currently in the no-delivery zone.
With the prices of software shares having cooled off, one could now consider giving it a re-look. The scrips worth focussing on here are BFL Software and Onward Technologies.
Yet again, it must be reiterated that booking profits continuously alone canensure optimal returns in such a volatile market. Punters could try their luck at the counter of Century Textiles, which is being actively traded at the moment.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
