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Wednesday, May 6, 1998
A correction is inevitable
Ashok Kumar
As predicted, the bullish undercurrent on the bourses manifested itself resulting in a sharp upswing in share prices. Once again, the upswing has been, too, swift making yet another downward technical correction inevitable. The shares that merit buying attention at the moment are GE Shipping at Rs 42, ITW at RS 78, Castrol at Rs 670, and Hindalco at Rs 775. Another scrip looking overdue for an upswing is Hindustan Petroleum. Hard-core bear operators could consider short-selling HDFC if it touches the Rs 3425-level and ACC at Rs 1700. The dark horse pick at present appears to be Sail, given its growing trading volumes. Overall, the undercurrent remains bullish. The author heads Lotus Strategic Consultants Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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