Business Daily from THE HINDU group of publications
Saturday, Sep 16, 2006
ePaper
Business Daily from THE HINDU group of publications Saturday, Sep 16, 2006 ePaper |
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Markets
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Technical Analysis K. Premkumar
Bulls prevailed over Friday's trading activity. However, the sentiment reading of the tradable counters turned bearish. Bull move on Monday is likely to neutralise the sentiment reading. On the other hand, the prevailing bearish sentiment is likely to be further strengthened with additional counters.
Nifty futures
The September month contract opened with a bull gap of around 27 points from its previous close. The September contract moved with in a range of around 65 points making an intra-day high of 3501. It closed with a gain of around 3 points from its previous close. The long position in the September contract exited and entered short. The short exit and long entry levels are placed quite nearer to its last traded price. These levels are likely to be triggered during trading on Monday.
Stock futures
The composition of the top-10 tradable counters had minor changes. However, the ranking had a total revamp. Reliance Energy and ONGC gave way to SBI and Bajaj Auto.
SBI and Bajaj Auto occupied the fifth and ninth positions respectively. Reliance and BHEL moved up in the ranking while Maruti and ACC moved down in the ranking. The top-3 tradable counters in this segment were Reliance, VSNL and Reliance Capital. The exit level for Reliance Energy and ONGC is placed at 471.05 and 1172.05 respectively. There are six downtrend counters and one uptrend counter in the top-10 tradable list. All the downtrend counters are likely to be under threat for Monday's trading. On the other hand the lone uptrend counter ACC is likely to be terminated. There exist ample buying opportunities and four selling opportunities for Monday's trading. The best is likely to be buying in Reliance. This counter is in sideways mode. Bull move on Monday is likely to initiate a fresh uptrend in this counter.
Cash segment
The composition and the ranking of the top-10 tradable list had no changes. There are six downtrend counters and three uptrend counters in the top-10 tradable list. Both the uptrend and downtrend counters are likely to be under threat for Monday's trading. There are ample buying opportunities and three selling opportunities for Monday's trading. The best is likely to be buying in Reliance Industries. This counter is in sideways mode. Bull move on Monday is likely to trigger the 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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