Financial Daily from THE HINDU group of publications
Tuesday, Jul 12, 2005
Financial Daily from THE HINDU group of publications Tuesday, Jul 12, 2005 |
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Markets
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Technical Analysis Bulls prevail K. Premkumar
BULLS gained control of Monday's trading activity. However, they could not gain much from the day's trading. The sentiment reading of the tradable counters stands neutral. Bull move on Tuesday is likely to change the sentiment reading in its favour. On the contrary, the sentiment reading is likely to turn bearish. Nifty futures recommendation: The July month contract opened with a bull gap of 13 points and went further by another 17 points. Bull dominance during the day left the bears with no opportunity to recover. The July contract moved within a band of 19 points registering an intra-day low of 2196. It closed with a gain of 26 points with respect to Friday's close. Bull domination during the day led to the termination of the downtrend in the July contract. The short trade exited with a loss of around 15 points. Bullish trigger for the July contract is now placed closer to the current level. Bull pressure on Tuesday is likely to initiate the uptrend in the July contract. Stock futures recommendation: There were no new entries or exits to the top-10 tradable list. The ranking of the list had a few changes. Tata Steel moved to the third position followed by Satyam and Polaris. For Tuesday, most of the counters in the list are likely to be under threat. Five opportunities are likely to exist on either side of trading. The best bet for Tuesday's trading is likely to be the buying in Reliance. This counter is in the sideways mode. Buy level for this counter is placed quite closer to the last traded value. Bull move on Tuesday is likely to trigger the uptrend in Reliance. Cash segment: The composition as well as the ranking of the top-10 active counters list remain undisturbed. Monday's market action resulted in triggering the downtrend in the recommended counter Infosys. Bull move on Tuesday is likely to terminate the prevailing downtrend counters in the list. On the other hand, the uptrend in State Bank and Tata Steel is likely to be under threat. Bears are likely to have opportunity in five counters. Buying opportunities are likely to exist in eight counters. Selling in IPCL is likely to be the best for Tuesday's trading. Bearish trigger level for this counter is placed within a rupee from the closing price. Bear pressure on Tuesday is likely to initiate a fresh downtrend in IPCL. (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 technical analyst and fund management consultant.
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