Financial Daily from THE HINDU group of publications
Wednesday, Sep 24, 2003
Financial Daily from THE HINDU group of publications Wednesday, Sep 24, 2003 |
|
|
|
|
|
|
|
Markets
-
Technical Analysis Bulls dominate K. Premkumar
BULLS gained control of Tuesday's trading activity. Bears were unable to make any impact during the day's trading. However, the sentiment reading of the tradable counters continue to remain neutral. Bull domination on Wednesday is likely to change the sentiment reading in their favour. Otherwise, the prevailing sentiment reading is likely to continue with an increase in the bear count. Nifty Futures Recommendation: Initially the near month September contract went down by six points. Later on, bulls made a strong comeback and took control of the day's proceedings. The September contract moved within a band of 48 points. It closed higher with a gain of 39 points with respect to previous close. The day's move had no impact on the recommended levels. The sideways trend in the September contract remains intact. Both bullish and bearish trigger levels are placed quite far away. These levels are unlikely to be triggered on Wednesday. Stock Futures Recommendation: There were no new entries or exits to the top-10 tradable list. The top three traded counters in this segment were Reliance Industries, State Bank and Satyam Computer. Trading activity in ONGC was quite impressive with more than 5,800 trades. Further bull dominance on Wednesday is likely to terminate the downtrend in Hindustan Petro and Ranbaxy. The lone uptrend counter — State Bank is likely to be safe. Bears are likely to have opportunity in Infosys and ONGC. Buying opportunities are likely to exist in five counters. Selling in ONGC is likely to be the best for Wednesday's trading. This counter is in the sideways mode. Its bearish trigger level is placed just below its closing value. Bear pressure on Wednesday is likely to trigger this level. Cash Segment: The composition of the top-10 tradable list remains intact. The ranking of the list too remains unchanged. Most of the counters in the list are in the sideways mode. For Wednesday, the downtrend in Hindustan Petro is likely to be under threat. Buying opportunities are likely to exist in five counters. A lone selling opportunity is likely to exist in Infosys. Buying in Tata Steel is likely to be the best bet for Wednesday's trading. Its buy level is placed closer to its current level. Bull move on Wednesday is likely to initiate the uptrend in this counter. (Note: All price levels refer to the absolute value of the shares traded on the NSE. There is risk of loss in trading.)
The author is a Chennai-based technical analyst and fund management consultant.
Article E-Mail :: Comment :: Syndication
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | Home |
Copyright © 2003, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|