Financial Daily from THE HINDU group of publications
Saturday, Nov 12, 2005
Financial Daily from THE HINDU group of publications Saturday, Nov 12, 2005 |
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Markets
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Technical Analysis Bull domination K. Premkumar
THE sentiment readings of the tradable counters continue to remain bullish. Bear domination on Monday is likely to change the sentiment reading in its favour. On the contrary, the prevailing bullish sentiment is likely to be further strengthened with additional counters. Nifty futures recommendation: The November contract opened with a bull gap of around 11 points. The November contract moved with in a range of 51 points making an intra-day high of 2551.70. It closed with a gain of around 60 points from its previous close. The long position in the November contract remains intact. The exit and sell levels for the November month contract are placed quite far away. These levels are unlikely to be triggered during Monday's trading. Stock futures recommendation: The composition of the top-10 tradable list had no changes. The ranking of the list had minor changes. Tata Steel and Satyam interchanged their positions. Tata Motors and Infosys interchanged their positions. Ranbaxy occupied eighth position and ONGC moved to last position. The top three tradable counters in this segment were Reliance, State bank, and Reliance Capital. All the uptrend counters in the list are likely to be under threat for Monday's trading. There are no downtrend counters in the top-10 tradable list. A lone buying opportunity is likely to exist in Ranbaxy. On the other hand, there are four selling opportunities for Monday's trading. The best for Monday's trading is likely to be the buying in Ranbaxy. Bull pressure on Monday is likely to initiate a fresh up trend in this counter. Cash segment: The composition of the list had no changes. The ranking of the list had minor changes. Ranbaxy and Reliance Capital interchanged their positions. All the uptrend counters in the list are likely to be under threat for Monday's trading. Selling opportunities are likely to exist in Reliance, Infosys and SRF. On the other hand a lone buying opportunity is likely to exist in Ranbaxy. The best for Monday's trading is likely to be buying in Ranbaxy. Bull domination on Monday is likely to trigger the buy level in Ranbaxy. (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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