Financial Daily from THE HINDU group of publications
Thursday, Sep 01, 2005
Financial Daily from THE HINDU group of publications Thursday, Sep 01, 2005 |
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Markets
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Technical Analysis Bulls reign K. Premkumar
BULLS extended further pressure over Wednesday's trading activity. The day's market action had very little impact on the tradable counters. The sentiment reading of the tradable counters remains bullish. Bear domination on Thursday is likely to turn the sentiment reading to bearish. Nifty Futures Recommendation: During the initial hour of Wednesday's trading, the September month contract lost around 11 points. Bears failed to capitalise on it as they yielded to the underling bull pressure. The September contract moved within a band of 33 points. It closed with a gain of 14 points with respect to previous close. The uptrend in the September contract remains intact. The exit and bearish trigger levels for the September contract are still paced quite far away. In the normal course of trading on Thursday, these levels are unlikely to be triggered. Stock Futures Recommendation: The composition as well as the ranking of the top 10 active counters list remains undisturbed. Reliance, Satyam and Reliance Capital were the top three traded counters in this segment. For Thursday, most of the counters in the list are likely to be under threat. Bears are likely to have opportunity in six counters. Buying opportunities are likely to exist in four counters. Selling in Tata Motors is likely to be the best for Thursday's trading. This counter is in sideways mode. Sell level for this counter is placed quite closer to the current level. Bear move on Thursday has the potential to initiate the downtrend in Tata Motors. Cash Segment: There were no new entries or exits to the top-10 tradable list. The ranking of the list too remains unchanged. Wednesday's market action had no impact on the recommended counter-Tata Steel. Most of the counters in the list are in the sideways mode. Bear domination on Thursday could be a threat to the prevailing uptrend counters in the list. On the other hand, the lone downtrend counter-Tata Motors is likely to be terminated. Buying opportunities are likely to exist in four counters. Selling opportunities are likely to exist in seven counters. Buying in Tata Steel is likely to be the best bet for Thursday's trading. Bullish trigger level for this counter is placed within three rupees from the last traded price. Bull pressure on Thursday is likely to trigger the uptrend in Tata Steel. (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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