Financial Daily from THE HINDU group of publications
Saturday, Sep 24, 2005
Financial Daily from THE HINDU group of publications Saturday, Sep 24, 2005 |
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Markets
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Technical Analysis Volatile movement K. Premkumar
FRIDAY'S trading activity witnessed volatile movement. Neither bears nor bulls could gain much from the day's trading. The sentiment reading of the tradable counters continues to remain bearish. Bull domination on Monday has the potential to neutralise the sentiment reading. On the other hand, the prevailing sentiment is likely to be strengthened. Nifty futures recommendation: The September contract opened with a bullish gap of around 11 points and further went up by another 13 points. The September contract moved with in an intraday range of 45 points. It closed with a gain of 5 points over Thursday's close after making an intraday low of 2,451. The entry levels for both long and short are still placed quite far away. In the normal course of trading during Monday, these levels are unlikely to be triggered. Stock futures recommendation: The composition of the top-10 active counters list had no changes. The ranking of the list had a minor change. Satyam & IPCL interchanged their rankings. The top three traded counters in this segment were Reliance, State Bank and REL. All the downtrend counters in the list are likely to be under threat for Monday's trading. On the contrary, the lone uptrend counter ICICI is likely to be terminated. There are no selling opportunities for Monday's trading. Buying opportunities are likely to exist in Infosys and Tata Motors. The best bet is likely to be the buying in Tata Motors. This counter is in downtrend. Bull domination on Monday is likely to reverse the prevailing trend in this counter. Cash segment: The composition as well as ranking of the list had changes. Sesa Goa gained entry with the exit of VSNL. The ranking of the list had total revamp. The downtrend in Satyam & VSNL is likely to be terminated at 537.05 and 368.10 respectively. Except for the downtrend in Reliance Industries and Sterling Biotech, all the other downtrend counters in the list are likely to be under threat. On the contrary, bull pressure on Monday is likely to terminate the lone uptrend counter - Sesa Goa in the list. Entry levels for all the counters are placed quite far away. Nearest entry level is placed for Sesa Goa on the short side. Bear domination on Monday has the potential to trigger the level 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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