• Investment World
• eWorld
• Catalyst
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest

K. Premkumar

THE market witnessed volatile movement during Friday's trading activity. Neither the bulls nor the bears could capitalise on the entire day's move. However, the bulls managed to gain towards the end of the day. The sentiment reading of the tradable counters turned mildly bullish.

Bull domination on Monday is likely to strengthen the sentiment reading in its favour. On the contrary, the sentiment reading is likely to turn bearish.

Click here for table

Nifty Futures recommendation: Market gaped up 3 points higher and further moved up by another 7 points. However, the bears wrested control during the middle of the day. But they could not sustain and gave way to the bulls by the end of the day. Intra-day movement was around 18 points. It closed higher with a gain of around 5 points from the previous close.

In the normal course of trading on Monday, the uptrend in the December contract is likely to be safe. However, bear domination on Monday is likely to terminate the uptrend in the December contract.

Stock Futures recommendation: The composition of the top-10 tradable list in this segment underwent a minor change. Hindustan Petro gained entry in the place of ACC. Hindustan Petro occupied the seventh place in the tradable list. The exit level for ACC is placed at 220.95.

Except Tata Steel, all the uptrend counters in the tradable list are likely to be terminated in case of bear domination on Monday. All the downtrend counters in the list are under threat for Monday. Bulls are likely to have opportunities in Tata Motors and M&M. CNXIT, Infosys and Ranbaxy are likely to be the opportunities for Monday on the bear side. The best among the above is likely to be buying in M&M, whose buy level is placed nearer its last traded price. Bull move on Monday is likely to reverse the prevailing trend in this counter.

Cash segment: The composition and the ranking of the tradable list remained undisturbed. Both the downtrend counters in the list are likely to be under threat for Monday's trading. Bear domination on Monday is likely to terminate the uptrend in Infosys, Satyam Computer and Wipro. Bear opportunities are likely to exist in almost five counters in the tradable list. Bulls have opportunity in Reliance Industries, Tata Motors and Tata Steel for Monday's trading. The best is likely to be the buying in Tata Steel. Its buy level is nearer its closing price. Bull pressure on Monday is likely to initiate fresh 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
Canbank MF dividend

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