Last week we predicted
that the market is still not out of the woods yet and the bears continue to hold the upper
The bears, indeed, used an iron fist
during the week to smash the pivotals to pulp, and from the looks of it, the downslide is
far from over unless of course the domestic or foreign financial institutions, step in to
make bargain purchases. Traders with a bearish temperament can consider short-positions at
the counters of Infosys Technologies at Rs.
7,418 (cover up at Rs. 7,289) and Wipro at
Rs. 2,504 (cover up at Rs. 2,363). Those with a bullish temperament, may consider taking
up long positions at the counters of Nestle at Rs. 486 (square up at Rs. 504) and Mastek at Rs. 1,977 (square up at Rs. 2,104).
dark horse bet of the week is Ajanta Pharma while the optimal strategy for this week is
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.)