• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest
• The New Manager

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

K. Premkumar

Bulls dominated Thursday’s trading activity. However, sentiment reading of the tradable counters turned neutral.

Bear move on Friday is likely to change the sentiment reading in their favour. On the contrary, it is likely to turn bullish.

September month contract opened with a bull gap of around 34 points from its previous close and went on to make all time high of 5012. The contract moved within a range of around 35 points. It closed with a gain of around 43 points from its previous close.

The long position in the September month Nifty contract exited with a huge profit of around 457 points due to the contract expiry.

The fresh entry levels are given for October month contract. The long entry level is placed nearer from its last traded price and the short entry level is placed far away. Bull move on Friday is likely to initiate a fresh uptrend in the October month nifty futures contract.

The composition of the top-10 tradable list had no changes. However, the ranking of the list had minor changes. Reliance Industries and Reliance Energy interchanged their positions.

All the positions in the top-10 tradable list were left to expire. All fresh entry levels are given for October month contract. There are ample buying opportunities and six selling opportunities in the top-10 tradable list.

Selling opportunities also exist in Reliance Capital, SBI, ICICI Bank, NTPC, Century Textiles and ACC. The best is likely to buy Tata Steel. This counter is in sideways mode. Bull move on Friday is likely to initiate a fresh uptrend in this counter.

The composition of the top-10 tradable list had no changes.

However, the ranking of the tradable counters had total revamp. Reliance Industries and Reliance Energy interchanged their positions. Tisco occupied fourth position in the top-10 tradable list.

There are no down trend counters in the top-10 tradable list.

Uptrend counters ICICI Bank and SBI are likely to be under threat for Friday’s trading. There are two selling opportunities in ICICI Bank and SBI for Friday’s trading. It is best to sell SBI.

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.

More Stories on : Technical Analysis

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Corporate Developments

Copyright © 2007, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line