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Wednesday, March 31, 1999

Book profit at every opportunity 

Ashok Kumar  
Mar 30 : The spate of holidays combined with the imbroglio in which officials of both the premier exchanges have been charged, seems to have dampened the euphoria that followed the Union Budget. Hence, the inevitable technical correction has gained strength and lasted longer than expected. Yet, the undercurrent still remains positive and it should only be a matter of time before the next rally commences.

The scrip most likely to lead the surge is HLL which is still in the no-delivery zone. Bull operators could consider a long position at this counter at Rs 2230 (square up at Rs 2275), and also at the counters of NIIT at Rs 1815. Short positions could be considered in Telco at Rs 175 (cover up at Rs 160) and Tisco at Rs 110 (cover up at Rs 95). The ongoing correction could be used by discerning investors to lap up sound lower priced scrips like Vashisti Detergents at around Rs 60 and Vanavil Dyes at around Rs 65. While a rally now appears to be round the corner, it would be prudent to note that shadow ofpolitical uncertainty again looms large over the bourses. This in turn suggests that continuous profit-booking remains the name of the game.

Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.


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