Business Daily from THE HINDU group of publications
Friday, Oct 19, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Friday, Oct 19, 2007 ePaper | Mobile/PDA Version |
|
|
|
|
|
|
|
Markets
-
Technical Analysis K. Premkumar Bears prevailed over Thursday’s trading activity. However the sentiment reading of the tradable counters changed to bullish. Bear move on Friday is likely to change the sentiment reading in their favour. On the contrary, the current sentiment reading is likely to be further strengthened with additional counters. Nifty futuresThe October month contract opened around the same level as its previous close. The October month contract moved within a range of around 556 points. Click here for tableThe October month contract closed with a loss of around 361 points from its previous close. Bear domination during the day neutralised the Nifty October Month contract. The long entry level is placed quite far away from its last traded price. The short entry level is placed nearer to its last traded price. Bear move on Friday is likely to initiate fresh downtrend in Nifty October Month contract. Stock futuresThe composition and the ranking of the top-10 list had minor changes. ONGC made its way to top-10 list pushing out Infosys. Infosys occupied last position in the list. Tata Steel and Tata Power interchanged their positions in the list. Except Reliance Capital, Tata Power, SBI and ICICI Bank all the other counters in the top-10 list are in up trend. All the uptrend counters are likely to be under threat for Friday’s trading. There are no buying opportunities for Friday’s trading. Selling opportunities are likely to exist in Reliance Energy, Reliance Industries, Tata Steel, NTPC, IDBI and ONGC. The best among the above is likely to be selling in Reliance Energy. This counter is in uptrend. Bear domination on Friday is likely to reverse the trend in this counter. Cash segmentThe composition and the ranking of the top-10 list had minor changes. BHEL made its way to top-10 list pushing out ONGC. BHEL occupied last position in the list. ICICI Bank and Infosys interchanged their positions. SBI and Tata Steel interchanged their positions. Except Reliance Capital, Tata Power, SAIL, ICICI Bank and SBI all other counters in the top-10 tradable list are in uptrend. Except Reliance Energy all the uptrend counters are likely to be under threat for Friday’s trading. There are no buying opportunities for Friday’s trading. Selling opportunities are likely to exist in Reliance Industries, Infosys, Tata Steel and BHEL. The best is likely to be selling in BHEL. This counter is in uptrend. Bear move on Friday is likely to reverse the 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 |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | The Hindu ePaper | Business Line | Business Line ePaper | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
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
|