Financial Daily from THE HINDU group of publications
Tuesday, Dec 30, 2003
Financial Daily from THE HINDU group of publications Tuesday, Dec 30, 2003 |
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Markets
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Technical Analysis Bulls march ahead K. Premkumar
BULLS marched ahead unchallenged during Monday's trading. Bears could not put any stop to the bull march. The prevailing bullish sentiment reading was further strengthened on Monday. Bear domination on Tuesday is likely to neutralise the sentiment reading. On the contrary, the sentiment reading is likely to remain bullish. Nifty futures recommendation: The January contract opened higher with a gap of around 2 points. Bulls never looked back and moved up by 40 points. It closed the day with a gain of 40 points from Friday's close. Bull domination has placed both the exit and bearish trigger levels for the January contract quite far away. It is unlikely to be triggered during the normal course of trading on Tuesday. Stock futures recommendation: The composition and the ranking of the top-10 tradable list underwent changes. Hind Petro and Infosys moved out while ACC and M&M moved into the top-10 tradable list. Tata Motors occupied second place while Maruti moved up to sixth place followed by ACC, State Bank and M&M. The exit levels for uptrend in Hind Petro and Infosys are placed at 434.55 and 5459.95 respectively. None of the counters in the list are in downtrend. Bear domination on Tuesday is likely to terminate five out of the 10 uptrend counters in the list. Entry levels for all the counters are placed quite faraway. The nearest sell level is for Tata Motors. Bear domination on Tuesday has the potential to reverse the prevailing uptrend in this counter. Cash segment: The top-10 tradable list in this segment had a change. Ranbaxy gained entry while Hind Petro moved out of the tradable list. The ranking of the list too had some changes. SAIL moved up to fifth place followed by Polaris, Tata Motors, BPCL and Ranbaxy. The exit level for Hind Petro is placed at 430.95. All the counters in the list are in uptrend. Bear domination on Tuesday is likely to be a threat to most of the counters in the tradable list. Selling opportunities are likely to exist in Reliance Industries and Wipro. Between the two, the best bet is likely to be Reliance Industries. Bear pressure on Tuesday has the potential to reverse 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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