Financial Daily from THE HINDU group of publications
Friday, Jan 20, 2006
Financial Daily from THE HINDU group of publications Friday, Jan 20, 2006 |
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Markets
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Technical Analysis Bull domination K. Premkumar
BULL dominated over Thursday's trading activity. The sentiment reading of the tradable counters turned bullish. Bear domination on Friday is likely to change the sentiment reading in their favour. On the contrary, the current sentiment is likely to be further strengthened with additional counters. Nifty Futures Recommendation: The January month contract opened with a bull gap of around 13 points and went up by further 69 points. The January month contract moved within a range of around 74 points making an intra-day high of 2878.95. It closed with a gain of around 82 points from its previous close. The short position in the January month contract is exited and the long position is initiated due to bull domination of day's trading activity. The exit and sell levels are placed quite far away. These levels are unlikely to be triggered during Friday's trading. Stock Futures Commendation: The composition and the ranking of the top-10 tradable list had no changes. The top three tradable counters in this segment were Reliance, Reliance Capital and Satyam. Except Reliance, all the counters in the top-10 tradable lists are under threat for Friday's trading. There are three opportunities on the buy side and four opportunities on the sell side. The best for Friday is likely to be buying in ONGC. This counter is in downtrend. Bull move on Friday is likely to reverse the existing trend in this counter. Cash Segment: The composition of the top-10 tradable list had no changes. However, the ranking of the list had major changes. Most of the counters in the top-10 tradable list are terminated during Friday's trading. Two buying opportunities are likely to exist in Infosys and Tata Iron Steel. There are ample opportunities on the sell side. The best bet is likely to be buying in Tata Iron Steel. This counter is in sideways mode. Bull move during Friday is likely to initiate a 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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