Some self-proclaimed stock advisors taking advantage of the market rally
Historically it has been observed that mid- and smallcap stocks rally to unreasonable heights when the rally in frontline companies nears its end. And, market players pointed out, usually this is the time when gullible investors step in to the market and lose their money.
Some self-proclaimed stock advisors are also taking advantage of the situation, sending out SMSes with trading tips and the tone of those messages are also very enticing . ‘‘ It is like if you are not buying now you are the biggest fool on the street,” pointed out Arun Kejriwal, director, KRIS, an investment advisory firm. Most of the stocks recommended through such messages are of littleknown companies, he added.
For example, one such message sent out recently by ‘TMBest Buy’ wrote ‘‘ Jackpot call BUY SOFTECH (530651) CMP Rs 43. Target 81 & 96. SL 31. SOFTECH has received Huge Export contracts. New R&D facility to open Soon. Strong Financials .” Some of the other stocks being recommended through SMSes are SVC Resources , Kisan Molding and BVCL. So buyers beware.
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