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Drumbeat: Ad Buzzaar
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Wednesday, July 29, 1998
Undercurrent may remain bearish
Ashok Kumar
July 28: Hectic short covering towards the end of the settlement helped the trapped bull operators who had taken a severe beating for the whole week to minimise their losses on the National Stock Exchange. Yet, the undercurrent remains bearish and once the upward technical correction is completed, yet another bout of short selling could be witnessed on the exchange. The scrip to be short sold this week is ACC at around Rs 1,350, while long positions could be built up at the counter of HLL at a price of around Rs 1635, as its first quarter results, which will be declared shortly, are expected to be excellent. ITC's first quarter results, however, may fall short of market expectations and one could consider short selling this scrip around Rs 665. Punters could keep an eye on the counter of SESA Goa which is now in the `No Delivery' zone.Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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