With the exit polls now suggesting that even this general election is unlikely to deliver a decisive verdict, there seems to be a recalculation on at the bourses and for once the FIIs seem to have been on a firm footing, pressing sales as they have been in the past few weeks. At the moment, it is only those operators who have built up large positions who continue to remain very positive about the post-results scenario. Yet, provided the corrective phase stretches over the next couple of weeks, a rally could well materialise once the new Government in place. But at the moment, all the action seems concentrated in the software sector with Infosys Technologies leading the rally as usual.
Traders could contemplate taking up long positions at the counters of Aptech at Rs.870 (square up at Rs 915 ) and Pentafour Software at Rs 610 (square up at Rs 655). Short positions could be considered at the counters of VSNL at Rs 1025 (cover up at Rs 990) and HDFC at Rs 280 (cover up at Rs 265 ). The dark horse bet ofthis week is Corporation Bank, while a potential portfolio pick at the present low price level is BASF which is a Fera company. As always, the parting line is -- book a profit when you see it.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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