Financial Daily from THE HINDU group of publications
Tuesday, Sep 20, 2005
Financial Daily from THE HINDU group of publications Tuesday, Sep 20, 2005 |
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Markets
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Technical Analysis Bulls prevail K. Premkumar
BULLS continued their domination during Monday's trading activity. The sentiment reading of the tradable counters stands bullish. Bear domination on Tuesday is likely to change the sentiment reading in their favour. On the contrary, the prevailing sentiment is likely to be strengthened. Nifty futures recommendation: The September month contract opened with a bull gap of around 10 points and made an intra-day low of 2540.55 before reaching a new high of 2565. Bears were not able to put a stop to the bull domination during the day. September month contract traded within a range of 25 points. It closed higher with a gain of 18 points from the previous close. The long position in the September contract continues with out any threat. The exit and bearish trigger levels are placed quite far away from the last traded value. During the normal course of trading on Tuesday, these levels are unlikely to be triggered. Stock futures recommendation: The composition of the top 10 tradable list remains intact. However, ranking of the list had minor changes. IPCL moved to the fourth position while Reliance capital occupied tenth position. All the positions in the list are likely to be under threat for Tuesday's trading. Five opportunities are likely to exist on the selling side and three on the buying side for Tuesday's trading. The best is likely to be the selling in REL. This counter is in the sideways mode. Bear move on Tuesday is likely to initiate fresh downtrend in this counter. Cash segment: The composition of the top-10 tradable list had a minor change. Flex Industries gained entry in the place of Satyam. Reliance Industries moved to the top slot and SRF occupied last position. The uptrend in Tata Motors and SBIN are likely to be terminated at 522.45 and 899.15, respectively. The prevailing downtrend counters in the list are likely to be safe for Tuesday's trading. However, all the uptrend counters in the list are likely to be under threat. Four opportunities are likely to exist on selling side while a lone buying opportunity is likely to exist in Rolta. Selling in VSNL is likely to be the best for Tuesday's trading. It is in sideways mode. Bearish trigger level for this counter is placed quite nearer to its last traded price. Bear pressure on Tuesday is likely to initiate a fresh downtrend in VSNL. (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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