Business Daily from THE HINDU group of publications
Wednesday, Apr 02, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Wednesday, Apr 02, 2008 ePaper | Mobile/PDA Version |
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Markets
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Technical Analysis K. Premkumar Tuesday’s trading activity witnessed volatile movement. The sentiment reading of the tradable counters continues to remain bearish. Bull domination on Wednesday is likely to change the sentiment reading in their favour. On the contrary, the current sentiment reading is likely to be strengthened with additional counters. Nifty Futures Click here for tableThe April month contract opened with a bull gap of around 34 points from its previous close. The April month contract moved within a range of around 199 points. The April month contract closed with a gain of around 43 points from its previous close. The short position in the Nifty April month contract is intact. The short exit and long 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 and the ranking of the top-10 list had no changes. Except Reliance Industries and Reliance Energy all other counters in the list are in downtrend. Bull move on Wednesday is likely to terminate SBI, NTPC, Hindalco and Infosys. Buying opportunities are likely to exist in Reliance Industries, SBI, NTPC, Hindalco and Infosys. There are no selling opportunities for Wednesday’s trading. The best among the above is likely to be buying in SBI. This counter is in downtrend. Bull move on Wednesday is likely to reverse the existing 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 Infosys. Suzlon and HDFC interchanged their position. SBI moved from eighth to last position in the list. Except Reliance Industries and Suzlon all other counters in the top-10 list are in downtrend. Bull move on Wednesday is likely to terminate Reliance Energy, Infosys and SBI. Buying opportunities are likely to exist in Reliance Energy, Infosys and SBI. There are no selling opportunities for Wednesday’s trading. The best is likely to be buying in SBI. This counter is in downtrend. Bull move on Wednesday 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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