Trend is clearly downwardThe weak undercurrent at the bourses continues to manifest itself with key pivotals bearing the brunt of the bear onslaught. With the Russian rouble devalued, the chances of a yuan devaluation have increased, thus casting further gloom over the markets. Scrips like ACC and ITC are in a firm bear grip.
While ACC can still be short-sold once it touches the Rs 1120 level, ITC's shares could be bought at around Rs 555. Software stocks too could be short-sold. Britannia merits buying at a level of around Rs 670.
A good long term buy at the current price is Vashisti Detergents at Rs 50. Overall, in the absence of any positive factors, the trend, barring upward correction, is clearly downward.
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