Financial Daily from THE HINDU group of publications
Friday, Nov 18, 2005
Financial Daily from THE HINDU group of publications Friday, Nov 18, 2005 |
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Markets
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Technical Analysis Bulls prevail K. Premkumar
THE sentiment reading of the tradable counters continued to remain bullish. Bear domination on Friday is likely to change the sentiment reading in their favour. On the contrary, the prevailing bullish sentiment is likely to be further strengthened. Nifty futures recommendation: The November month contract opened with a bull gap of around 3 points. The November month contract moved within a range of 53 points making an intra-day high of 2615.50. It closed with a gain of 26 points from its previous close. The long position in the November contract remains intact. The exit and sell levels for the November month contract is placed quite far away. In the normal course of trading, these levels are unlikely to be triggered. Stock futures recommendation: The composition and ranking of the top-10 tradable list had minor changes. Ranbaxy went out of the top-10 tradable list and gave way for Maruti. Tata Motors and IPCL interchanged their positions. The top three tradable counters in this segment were Reliance Capital, Reliance and State Bank. There are no downtrend counters in the top-10 tradable list. All the uptrend counters in the list are likely to be terminated. There are four selling opportunities on the bear side. The best for the Friday is likely to be selling in Satyam. Bear pressure on Friday is likely to reverse the prevailing trend in this counter. Cash segment: The composition of the list had no changes. However, the ranking of the top-10 tradable list had minor changes. Satyam and State Bank interchanged their positions. All the uptrend counters in the list are likely to be under threat. The lone downtrend counter Sesa Goa is likely to be terminated. Buying opportunities are likely to exist in Reliance and Sesa Goa. On the other hand, Infosys is the lone selling opportunity on the bear side. The best among the above is likely to be buying in Reliance. This counter is in sideways. Bull pressure on Friday is likely to initiate fresh uptrend 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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