Business Daily from THE HINDU group of publications
Wednesday, Sep 26, 2007
ePaper
Business Daily from THE HINDU group of publications Wednesday, Sep 26, 2007 ePaper |
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Markets
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Technical Analysis K.Premkumar Tuesday’s market witnessed volatile movement. The sentiment reading of the tradable counters remains bullish. Bear move on Wednesday is likely to change the sentiment reading in their favour. On the contrary, prevailing bullish sentiment is likely to be strengthened. NIFTY FUTURESThe September month contract opened with a bull gap of around five points from its previous close. Click here for tableHowever the initial move is not sustained and gave way to bear making an intraday low of 4885. The September month contract moved within a range of around 75 points. The September month contract closed with a gain of around five points from its previous close. The long position in the September month Nifty contract is remains intact. The long exit and short entry levels are placed quite far away from its last traded price. These levels are unlikely to be triggered during Wednesday’s trading. STOCK FUTURESThe composition of the top-10 tradable list had no changes. However the ranking of the list had minor changes. Tata Steel and State Bank interchange their positions. NTPC, ACC, Tata Steel and SBI are under threat for Wednesday trading. There are three opportunities that exist in both sides of the top-10 tradable list. Tata Steel, SBI and Century Textiles are in buy side. The selling sides are NTPC, Century Textiles and ACC. The best among these is selling in Century Textiles. This counter is in sideways mode. The bear move on Wednesday is likely to initiate a fresh down trend in this counter. CASH SEGMENTThe composition of the top-10 tradable list had no changes. However the ranking of the tradable counters had minor changes. IDBI and ICICI Bank interchange their position. SAIL and State Bank interchange their position. There are seven uptrend counters and three down trend counters in the top-10 tradable list. The down trend counters are SBI, Infosys and HDFC. Tata Steel is under threat in buy side. On the other hand all the down trend counters are under threat for Wednesday. Lone selling opportunity exist in Tata Steel. Three buying opportunities are likely to exist in SBI, Infosys and HDFC. The best candidate is buying in HDFC. This counter is in down trend. The bull move on Wednesday is likely to trigger the buy level of 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. More Stories on : Technical Analysis
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