• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• 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

Bears dominated over Thursday’s trading activity. However, the sentiment reading of the tradable counters remains bullish. Bear move on Friday is likely to change the sentiment reading in their favour. On the contrary, current sentiment reading is likely to be strengthened with additional counters.

The December month contract opened with a bear gap of around nine points from its previous close. The December month contract moved within a range of around 130 points. The December month contract closed with a loss of around 128 points from its previous close.

The long position in the December month Nifty contract is 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 Friday’s trading activity.

The composition and the ranking of the top 10 list had minor changes. MTNL made its way to the top-10 list pushing out Hindpetro. Tata Steel and NTPC interchanged their positions. ICICI Bank and GAIL moved one step higher in the list. The long exit level for Hindalco is placed at 207.25.

Except Reliance Energy, Reliance Industries and GAIL, all other counters in the top-10 list are in uptrend. Except IDBI all other uptrend counters are likely to be under threat for Friday’s trading. On the other hand, bull move on Friday is likely to terminate Reliance Energy. A lone buying opportunity is likely to exist in Reliance Energy. Selling opportunities are likely to exist in Reliance Capital, Tata Steel, NTPC, SBI, ICICI Bank, GAIL and MTNL. The best among the above is likely to be selling in Reliance Capital. This counter is in uptrend. Bear move on Friday is likely to reverse the trend in this counter.

The composition and the ranking of the top-10 list had minor changes. IDBI made its way to top-10 list pushing out Suzlon. IDBI occupied ninth position in the list. SBI moved one step lower in the list. The short exit level for Suzlon is placed at 2019.75.

Reliance Energy, Reliance Industries, Infosys, BHEL and SBI are in downtrend in the top-10 list. Reliance Capital, ICICI Bank, SAIL, GAIL and IDBI are in uptrend in the top-10 list. Except GAIL, all other uptrend counters are likely to be under threat for Friday’s trading. On the other hand, bull move on Friday is likely to terminate downtrend in Reliance Energy and Infosys.

Buying opportunities are likely to exist in Reliance Energy and Infosys. Selling opportunities are likely to exist in Reliance Capital, ICICI Bank, SAIL and GAIL. The best among the above is likely to be selling in Reliance Capital. 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.

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