labels: nse forecast, investment - general
NSE forecastnews
Ashok Kumar
17 October 2000

Last week we predicted that the downward slide in the markets is far from over. There is now blood on the streets and it looks like the foreign institutional investors seem to have pressed the panic button, going by their selling across the board.

However, it is at times like these that a contrarian approach could pay off. Often, in the past too, the stock exchange indices have displayed amazing resilience by bouncing back, when all seemed lost.

Hence, it is time to venture out and commence with selective purchases. While traders with a bearish temperament can consider short positions at the counters of Sterlite at Rs. 139 (cover up at Rs. 118) and HCL Infosystems at Rs. 264 (cover up at Rs.236).

Those with a bullish temperament, may consider taking up long positions at the counters of Infosys Technologies at Rs. 6,342 (square up at Rs. 6,504) and Wipro at Rs. 1,977 (square up at Rs. 2,104). The dark horse bet of the week is Aksh Optifibre while the optimal strategy for this week remains – start bargain hunting.

(Ashok Kumar heads Lotus Strategic Consultants, Mumbai. While due care has been taken to prepare this report, readers are advised to take specific investment advice before taking any investment decisions.)

 



 

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