Financial Daily from THE HINDU group of publications
Wednesday, Nov 26, 2003
Financial Daily from THE HINDU group of publications Wednesday, Nov 26, 2003 |
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Markets
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Technical Analysis Bull domination K. Premkumar
BULLS gained control of Tuesday's trading activity. Their dominance left the bears with no opportunity to recover during the day's trading activity. The market sentiment reading of the tradable counters stands bullish. Bear domination on Thursday is likely to neutralise the sentiment reading. Otherwise, the prevailing bullish sentiment is likely to be further strengthened. Nifty futures recommendation: November month contract moved within a band of 27 points. Bulls were in total command of the day's proceedings capitalising the day's entire move. The November month contract closed higher with a strong bullish note. Bull domination during the day led to the initiation of the uptrend in the November contract. Thursday being the last day for the November contract, the long position may be held with the stop placed at 1548.60. Bearish trigger level is given for December month. Stock futures recommendation: The composition of the top-10 tradable list in this segment remains unchanged. The ranking of the list remains the same with no major changes. The top three traded counters in this segment were Reliance Industries, Satyam Computer and Tata Engg. Except for the uptrend in Tata Engg, all the other counters in the list are likely to be under threat. Fresh entry levels for all the counters are given for the December contract. Bulls are likely to have opportunity in ACC, State Bank and Tata Steel. Selling opportunities are likely to exist in ACC, CNX IT and Tata Steel. Buying in Tata Steel is likely to be the best bet for Thursday's trading. Its buy level is placed closer to its last traded price. Bull move on Thursday is likely to trigger this level. Cash segment: There were no new entries or exits to the top-10 tradable list. The ranking of the list had some changes. Digital moved to the eighth position followed by ACC and Punjab Bank. The uptrend in Dr Reddy's Lab is likely to be terminated at 1232.95. None of the counters in the list are in the downtrend. Bear domination on Thursday is likely to terminate most of the uptrend counters in the list. Buying opportunities are likely to exist in ACC and Infosys. Selling opportunities are likely to exist in ACC, Punjab Bank, State Bank and Tata Steel. The best among the above is likely to be Infosys. Its bullish trigger level is placed very close to its current level. Bull pressure on Thursday 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.
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