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Don't go short yet, but it's a time to become cautious. Lenders approach Tata Group, JSW to buy out Essar Steel. Today Sensex, Nifty seen flat; Infosys, Wipro, TCS top gainers Capital goods policy good, but targets aggressive: Credit Suisse.

Asian technology companies are in the throes of extreme investor pessimism. As many as 14 tech stocks with a market value of more than $1 billion in Asia, excluding Japan, have an estimated PEG ratio of less than 0.5, according to my Bloomberg.