Financial Daily from THE HINDU group of publications
Thursday, Aug 11, 2005
Financial Daily from THE HINDU group of publications Thursday, Aug 11, 2005 |
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Markets
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Technical Analysis Bull domination K. Premkumar
THE bulls made a dramatic comeback on Wednesday after a two-day bear run. The bears were not able to have any impact over trading activity. The sentiment reading of the tradable counters turned bullish. Bear pressure on Thursday is likely to neutralise the sentiment reading. On the other hand, the prevailing sentiment is likely to be strengthened with the additional counters. Nifty futures recommendation: The August month contract opened with a bull gap of 5 points. The bulls fully capitalised on the initial momentum and left no opportunity for the bears to regain. The contract witnessed an intra-day movement of around 52 points. It closed higher with a gain of 53 points from Tuesday's close. The bull domination during the day led to the initiation of the uptrend in the August contract. Both the exit and the bearish levels are placed quite far away. In the normal course of trading during Thursday, these levels are unlikely to be triggered. Stock futures recommendation: The composition and ranking of the top-10 tradable list had no changes. There are no downtrend counters in the list. All the uptrend counters in the list are likely to be under threat for Thursday's trading. Buying opportunities are likely to exist in five counters. Bears are likely to have two opportunities for Thursday's trading. The best among the two is likely to be buying in ICICI Bank. This counter is in the sideways mode. Bullish trigger level for this counter is placed quite near to its last traded price. Bull pressure on Thursday is likely to initiate a fresh uptrend in ICICI Bank. Cash segment: The composition as well as the ranking of the list remains undisturbed. All the positions in the list on either side are likely to be under threat during Thursday's trading activity. Almost six counters are likely to have buying opportunities while only two opportunities exist for bears. The best bet is likely to be buying in Tata Motors. This counter is in the sideways mode. Bull pressure on Thursday has the potential 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 technical analyst and fund management consultant.
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