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Drumbeat: Ad Buzzaar
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Wednesday, June 10, 1998
Go for selective buying
Ashok Kumar
With the FIIs on a selling spree at the Indian bourses, the share prices of pivotals have taken a severe beating. However, the support lent to the market by the domestic FIs has helped it to sustain itself, albeit at lower levels. It might not be long before the local operators too return to fuel on overdue upward correction.At the prevalent levels, buying could be considered at the counters of Reliance Industries at Rs 150, Castrol at Rs 560, ITC at Rs 640 and HLL at Rs 1565. Another scrip worth a look-in on account of its being in the "No delivery" trading zone is Rolta India which also appears to be a fair long-term investment bet at the current price level of Rs 48. Considering that the Nifty has fallen very sharply since the announcement of the Budget, the time is ripe for selective buying, both by traders as well as investors. Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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