Financial Daily from THE HINDU group of publications
Thursday, Nov 10, 2005
Financial Daily from THE HINDU group of publications Thursday, Nov 10, 2005 |
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Markets
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Technical Analysis Volatile movement K. Premkumar
THE sentiment reading of the tradable counters continued to remain bullish despite volatile movement during Wednesday's trading activity. Bear domination on Thursday is likely to change the sentiment reading in their favour. On the contrary, the prevailing bullish sentiment is likely to be further strengthened with additional counters. Nifty futures recommendation: The November month contract opened with a bull gap of around 10 points and went up further 19 points making an intraday high of 2513. However, bulls could not capitalise on the initial momentum and gave way to bears during the later part of the day. The November month contract moved within a range of 49 points. It closed around the previous close. The long position in the November contract remains intact. The exit and sell levels for the November month contract are placed quite nearer to its last traded price. Thursday's trading activity has the potential to initiate short position in November month contract. Stock futures recommendation: The composition and the ranking of the top-10 tradable list had no changes. The top three tradable counters in this segment were State Bank, Reliance and Tata Steel. All the uptrend counters in the list are likely to be under threat for Thursday's trading. There are no downtrend counters in the top-10 list. Two buying opportunities likely to exist in State Bank and ONGC. On the other hand, there are ample selling opportunities for Thursday's trading. The best for Thursday's trading is likely to be the selling in ONGC. Bear pressure on Thursday is likely to initiate fresh downtrend in this counter. Cash segment: The composition of the list had no changes. The ranking of the list had minor changes. State Bank and Reliance interchanged their positions. Titan occupied fourth position and Infosys moved to seventh position. There are no downtrend counters in the top-10 tradable list. All the uptrend counters in the list are likely to be under threat. A lone buying opportunity is likely to exist in Infosys. Selling opportunities are likely to exist in five counters. The best for Thursday's trading is likely to be selling in Infosys. Bear domination on Thursday is likely to trigger the selling level in Infosys. (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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