labels: nse forecast, investment - general
NSE forecastnews
Ashok Kumar
21 February 2001

With the Nasdaq slipping up again, the ICE stocks in India too are feeling the brunt and their share prices continue to remain depressed. The action, at least for now seems to be focused on the old economy stock counters. With the Union Budget announcement round the corner, it is noteworthy that the normal sense of euphoria that precedes it is missing.

This might turn out to be a positive as in the absence of any great expectations from the Budget this time around, the announcements could be better received by the market than otherwise. Thus, it might not be altogether unlikely that a post-Budget rally may materialize.

Punters could take advantage of this situation and bull operators could consider taking up positions at the counters of Rhone-Poulenc at Rs.749 (square up at Rs.791) and BHEL at Rs.168 (square up at Rs.179).

Bear operators could consider taking up short positions at the counters of Global Telesystems at Rs.560 (cover up at Rs.536) and Pentamedia at Rs.236 (cover up at Rs.208).

The dark horse pick of the week is Corporation Bank whose share price has retreated marginally after having moved up sharply. Yet another bounce back could be in the offing.

(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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