Business Daily from THE HINDU group of publications
Thursday, Aug 23, 2007
ePaper
Business Daily from THE HINDU group of publications Thursday, Aug 23, 2007 ePaper |
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Markets
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Technical Analysis
K. Premkumar Wednesday’s trading activity witnessed bull domination. However, the sentiment reading of the tradable counters remains bearish. Bull move on Thursday is likely to change the sentiment reading in their favour. On the contrary, the prevailing bearish sentiment is likely to be strengthened. NIFTY FUTURES
The August month contract opened with a bull gap of around 12 points from its previous close. The August month contract moved within a range of around 142 points. The August month contract closed with a gain of around 109 points from its previous close. Click here for tableThe short position in the August Month Nifty Futures contract is undisturbed. The short exit and long entry levels are placed nearer to its last traded price. Bull domination during Thursday is likely reverse the prevailing trend in August month Nifty futures contract. STOCK FUTURES
The composition of the top-10 tradable list had no changes. However, the ranking of the top-10 list had minor changes. Reliance Industries and SBI interchanged their positions. Tata Steel and IDBI interchanged their positions. Century Textiles and ACC interchanged their positions. Except BHEL and Century Textiles, all other counters in the list are in downtrend. Bull move on Thursday is likely to terminate all the downtrend counters in the list except SBI. Buying opportunities are likely to exist in all the downtrend counters except SBI. There are no selling opportunities in the list. The best among the above is likely to be buying in Reliance Energy. This counter is in downtrend. Bull domination during Thursday is likel y 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 top-10 list had minor changes. Reliance Energy and Infosys interchanged their positions. BHEL and ICICI Bank interchanged their positions. Except Reliance Energy, BHEL and Suzlon all other counters in the list are in downtrend. Bull move on Thursday is likely to terminate all the downtrend counters in the list except SBI. Buying op portunities are likely to exist in all the downtrend counters except SBI. There are no selling opportunities for Thursday’s trading. The best among the above is likely to be buying in IDBI. This counter is in downtrend. Bull move on Thursday is likely to reverse the prevailing 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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