Financial Daily from THE HINDU group of publications
Friday, Feb 24, 2006
Financial Daily from THE HINDU group of publications Friday, Feb 24, 2006 |
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Markets
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Technical Analysis Volatile movement K. Premkumar
Thursday's market witnessed volatile movement. The sentiment reading of the tradable counters remains bullish. Bear pressure 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 with additional counters. Nifty futures recommendation: The February month contract opened with a bull gap of around 36 points. The February month contract moved within a range of around 48 points, making an intra-day high of 3,098.40. It closed with a gain of around 4 points from its previous close. The long position in the February month contract is exited due to expiry. The fresh entry levels are given on March contract. These levels are placed quite far away from its last traded price. In the normal course of trading, the entry level is unlikely to be triggered during Friday's trading. Stock futures recommendation: The composition and the ranking of the top-10 tradable list had major changes. IPCL, Hind Lever, Orient Bank and ICICI went out of the list and gave way to State Bank, ONGC, Tata Tea and MTNL. Satyam moved up to first position and Tata Steel moved down to second position. The top-3 tradable counters in this segment were Reliance, Reliance Capital and Infosys. Most of the counters are exited due to contract expiry. There are no uptrend counters in the top-10 tradable list. A lone downtrend counter Tata Motors is likely to be under threat for Friday's trading. There are ample opportunities on both the sides of trading. The best for Friday is likely to be selling in Ranbaxy. This counter is in sideways mode. Bear pressure on Friday is likely to initiate a fresh downtrend in this counter.
Cash segment: The composition of the top-10 tradable list had no changes. However, the ranking of the list had minor changes. VSNL and Infosys interchanged their positions. The long exit level for HDFC is placed at 1,365.95. All the uptrend counters in the top-10 tradable list are likely to be under threat for Friday's trading. On the other hand, three downtrend counters are likely to be terminated. There are four opportunities on the buy side and five opportunities on the sell side. The best is likely to be selling in Infosys. This counter is in uptrend. Bear pressure on Friday is likely to reverse the existing trend 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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