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Wednesday, February 24, 1999
Nse forecast
Ashok Kumar
Operators unwind positions ahead of Union budgetWith the Budget session of Parliament having commenced, there appears to be a nervous calm in the market. In the absence of active buying, as earlier witnessed by FIIs and domestic FIs, operators are preferring to unwind their long positions and stay liquid. Adding to this nervousness there are rumours that a big operator has taken a severe beating at the counter of Pentafour Software. This triggered off some panic selling at most of the software counters. However, one software segment scrip that has bounced back is Aptech -- which is currently in the `no delivery' trading zone. Traders could consider buying into this scrip at Rs 775 (square up at Rs 825). Another scrip worth considering for a long position is CMC at Rs 410 (square up at Rs 450). Considering that Budget expectations are not running too high, there is a fair chance that even a few market-friendly announcements could fuel a rally at the bourses making it worthwhile for punters toconsider taking up some long positions prior to the D-Day. Trading opportunities could include buying Bajaj Auto at Rs 475 (sequare up at Rs 505), Hindustan Lever at Rs 1875 (square up at Rs 1915) and Smithkline Beecham Consumer at Rs 655 (square up at Rs 695). The dark horse this week is VIP Industries. The countdown to the Union Budget has begun and, once again, timing is the name of the game. Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.

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