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Market uneasy; bull run likely in case of NDA victory
Ashok Kumar
With the erstwhile Big Bull finally being bought to book, the market which seemed to be stabilising and reversing its downtrend has again turned a trifle uneasy, as Harshad Mehta was still trading with impunity at several counters, notably BPL and Videocon. However, considering that the so-called Bull is a `spent force' of sorts in today's market, this could well turn out to be a temporary aberration. While the coming week would continue to display mixed trends, a clear cut signal of the direction in which the Indian market will move will emerge only after the election results are announced. The markets seem to be baying for a NDA victory and if the same materialises, a runaway rally may ensue immediately. Traders could consider taking up long positions at the counters of Pfizer at Rs 930 (square up at Rs 975), Zee Telefilms at Rs 4825 (square up at Rs 4900) and Castrol at Rs 370 (square up at Rs 425). Short positions may be considered at the counters of Hindustan Petroleum at Rs260 (cover up at Rs 240)and Reliance Industries AT Rs 245 (cover up at Rs 210). The dark horse bet of this week is Pentafour Products whose shares are reportedly being accumulated by a bull operator. Discerning investors could consider investment exposure to BASF, which looks underpriced at the current price level. Ashok Kumar heads Lotus Strategic Consultants, Mumbai and can be contacted at ashokkumar@mantraonline.co Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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