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Drumbeat: Ad Buzzaar
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Wednesday, July 15, 1998
Bullish undertone
Ashok Kumar
The bears moved in once the market got overheated and this led to some gain-shedding at higher levels last week. However, the undertone remains bullish and it seems quite likely that yet another rally could commence as the imminent removal of some of the economic sanctions, the tabling of the `buy-back' bill and the likelihood of announcement of an export package. With ITC now in the last week of `no delivery trading', short-covering could fuel a last minute spurt past the Rs 710-level. Rumours that the `big bull' has laid a `bear trap' at the counter of ACC, another pivotal in the `no-delivery' trading zone makes it too an attractive short-term investment bet. Bull operators could focus their attention on Satyam Computers and BFL Software. Among the low priced scrips, in Nocil, short-sellers can cover their open positions before the next rally begins. Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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