The undertone at the bourses has turned even more bearish with disturbing news like the escalation of firing on the Indo-Pak border, the continuous plunge of the Hang-Seng index and the stay on the lifting of US imposed sanctions taking its toll.The euphoria that surrounded HLL's results has fizzled out making this scrip a potential short-sell candidate at a price level of around Rs 1695. ITC too looks very weak and could be short-sold if it touches the Rs 610 level.
Brittania's share price too has spurted sharply and merits short-selling at around the Rs 725 level, as this is the last week for it in the `No Delivery' zone.
Traders could consider picking up lower priced scrips like Global-Tele at Rs 90 and Tata Elxsi at Rs 40 as both have now moved into the trading zone on account of `No Delivery'. Quick trading on the bearish side is the prescription for the week.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
Printer-friendly page
