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Ashok kumar
Although the belated announcement permitting `buy Back' of shares has put a spoke in the wheels of bear operators, selling at higher levels by the FIIs and even UTI has ensured against a runaway rally. Long positions can be taken up at the counters of Castorl at Rs 630, Nestle at Rs 415 and ITC at Rs 710. Short-sellers could try their luck at the HLL counter whose shares are being heavily unloaded by UTI and domestic institutions. Short-covering could push up the price of European Software which is in the last week of No-Delivery trading. While the bear operators are now quiet, they are biding their time and once the market seeks higher levels, they will re-enter the fray. So keep booking profits and make hay while the correction lasts.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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