Genuine investors could await a further fall and punch blue-chips at more attractive levels. The falling rupee has further enhanced the attractiveness of the software stocks, which have fallen out of favour with the FIIs currently. Yet, it must be remembered that the Indian bourses have this amazing ability to confound critics and bounce back from seemingly hopeless situations. There are several trading opportunities too and given the fact that the government may announce the permission for corporates to buy-back shares shortly to revive the market sentiment, it might not be a bad idea to focus on pivotals like ITC and SBI which are currently in the`no-delivery' trading zone, besides others like Reliances Industries, Telco and Hindustan Lever. A lark horse bet for a price upswing at the current price level is Corporation Bank. Finally, remember to close your positions quickly as the volatlity shows no signs of ending soon.

(Ashok Kumar Heads Lotus Strategic Consultants, Mumbai)