Bruce Johnstone, a vice-president of the Boston-based Fidelity Equity-Income Fund, was in New York recently and said he has begun to buy stocks in anticipation of a rebound in the market. Mr. Johnstone, whose fund has an excellent record over the past 10 years, concedes, ''I've been early and I've been wrong before,'' but he still has his buy orders out for some of the cyclical stocks. He figures some of the cylicals he is buying, such as in the textile and auto areas, are so cheap that when the economy recovers, ''we'll make a pile of money.''
He says one of the incentives to get back into the market was a recent dinner he had with the Federal Reserve Board chairman, Paul Volcker. ''The Fed is serious about its inflation fight,'' he says, and adds, ''I believe interest rates will follow inflation down.''