Business Daily from THE HINDU group of publications
Friday, Dec 28, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Friday, Dec 28, 2007 ePaper | Mobile/PDA Version |
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Markets
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Technical Analysis K. Premkumar Thursday’s trading activity witnessed volatile movement. The sentiment reading of the tradable counters changed to neutral. Bear move on Friday is likely to change the sentiment reading in their favour. On the contrary, bull domination on Friday is likely to change the sentiment reading in their favour. Nifty Futures Click here for tableThe December month contract opened with a bull gap of around 16 points from its previous close. The December month contract moved within a range of around 41 points. The December month contract closed with a loss of around one point from its previous close. The long position in the December month Nifty contract is terminated due to contract expiry. The new entry levels are placed based on January month contract. The long entry level is placed quite far away from its last traded price. This level is unlikely to be triggered during Friday’s trading activity. The short entry level is placed quite nearer to its last traded price. Bear move during Friday is likely to initiate fresh short position in January month Nifty contract. Stock futuresThe composition of the top-10 list had no changes. However, the ranking of the top-10 list had minor changes. IDBI moved from fifth to last position in the list. GAIL moved one step higher in the list. ICICI Bank moved from eighth to sixth position in the list. MTNL moved from last to eighth position in the list. All the positions in the top-10 list are terminated due to expiry. The fresh entry levels are placed based on January month contract. Buying opportunities are likely to exist in all the counters. Selling opportunities are likely to exist in all the counters except GAIL. The best among the above is likely to be buying in NTPC. This counter is in sideways mode. Bull move on Friday is likely to initiate a fresh uptrend in this counter. Cash segmentThe composition of the top-10 list had minor changes. Tata Power made its way to top-10 list pushing out BHEL. Tata Power occupied last place in the top-10 list. Except GAIL all other counters in the top-10 list are in uptrend. Except Reliance Energy and ICICI Bank all other uptrend counters are likely to be under threat for Friday’s trading. A lone buying opportunity is likely to exist in GAIL. Selling opportunities are likely to exist in all the counters except Reliance Energy and ICICI Bank. The best is likely to be selling in Reliance Industries. This counter is in uptrend. Bear move 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
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