Business Daily from THE HINDU group of publications
Tuesday, Sep 26, 2006
ePaper
Business Daily from THE HINDU group of publications Tuesday, Sep 26, 2006 ePaper |
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Markets
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Technical Analysis K. Premkumar
Bears dominated Tuesday's trading activity. However, the sentiment reading of the tradable counters was marginally bullish. Bear move on Tuesday is likely to change the sentiment reading in their favour. On the other hand, the prevailing bullish sentiment is likely to be further strengthened with additional counters.
Nifty futures
The September contract opened around its previous close. It moved within a range of around 41 points making an intra-day low of 3515.10. It closed with a loss of around 21 points from its previous close. The long position in the September month contract remains intact. The long exit and short entry levels are placed quite nearer to its last traded price. These levels are likely to be triggered during Tuesday's trading.
Stock futures
The composition of the top-10 tradable list had no changes. However, the ranking had minor changes. Reliance Energy, SBI and Tata Motors moved down in the ranking, while Maruti, Satyam and Bajaj Auto moved up. The top-three tradable counters in this segment were Reliance, Tata Steel and Tata Motors. The exit level for ACC is placed at 970.20. Most of the counters in the list are in uptrend and are likely to be under threat for Tuesday's trading. On the other hand, the two downtrend counters Reliance Energy and Infosys are likely to be terminated. There are ample selling opportunities and three buying opportunities for Tuesday's trading. The best is likely to be selling in Bajaj Auto. This counter is in uptrend. Bear move on Tuesday is likely to reverse uptrend in this counter.
Cash segment
The composition and the ranking of the top-10 tradable list had no changes. There are five downtrend and five uptrend counters in the top-10 tradable list. All the counters are likely to be under threat for Tuesday's trading. There are ample buying opportunities and three selling opportunities for Tuesday's trading. The best is likely to be selling in HDFC. This counter is in uptrend. Bear move on Tuesday is likely to trigger the downtrend 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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