Financial Daily from THE HINDU group of publications
Tuesday, Sep 13, 2005
Financial Daily from THE HINDU group of publications Tuesday, Sep 13, 2005 |
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Markets
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Technical Analysis Bull onslaught K. Premkumar
BULLS were in total command of Monday's trading activity. Their dominance left the bears stranded. The sentiment reading of the tradable counters stands strongly bullish. However, bear domination on Tuesday has the potential to change the sentiment reading in their favour. Nifty futures recommendation: The near month September contract opened with a bull gap of five points and made steady gains. Bears were unable to make any impact over the day's trading. The September contract moved within a band of 28 points registering a low of 2452.15. It closed higher with a gain of around 31 points with respect to the previous close. The long position in the September contract remains intact. The exit and bearish trigger levels for the September contract are placed quite far away. In the normal course of trading on Tuesday, these levels are unlikely to be triggered. Stock futures recommendation: The composition as well as the ranking of the top-10 tradable counters remains intact. Monday's market action triggered the uptrend in the recommended counter — ONGC. The exit level for the long position in BOB is placed at 256.70. All the counters in the list are in the uptrend. Bear pressure on Tuesday is likely to terminate most of the uptrend counters in the list. Selling opportunities are likely to exist in five counters. For Tuesday, the best is likely to be the selling in Infosys. The exit and bearish trigger levels are placed quite closer to the current level. Bear move on Tuesday has the potential to reverse the prevailing uptrend in this counter. Cash segment: The composition as well as the ranking of the top-10 active list had major changes. Three new stocks gained entry to the list. The exit levels for the uptrend in Infosys, Satyam, SAIL, Tata Motors and Tisco are placed at 2415.50, 534.95, 63.20, 503.20 and 410.70 respectively. The downtrend in Zee Tele is likely to terminate at 188.05. For Tuesday, most of the counters in the list are likely to be under threat. Bears are likely to have opportunity in Flex, Reliance and Reliance Capital. Buying opportunities are likely to exist in Amtek, Reliance Capital and VSNL. The best among the above is likely to be the selling in Reliance Capital. Sell level for this counter is placed within five rupees from the last traded price. Bear pressure on Tuesday is likely to trigger the downtrend in Reliance Capital. (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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