• 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
• Events 2007

Group Sites

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

K. Premkumar

Thursday’s trading activity witnessed volatile movement. The sentiment reading of the tradable counters continues to remain bullish.

Bear domination on Friday 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.

The April contract opened with a bear gap of around 4 points from its previous close. The April contract moved within a range of around 85 points and closed with a loss of around 26 points from its previous close.

Bull move during the day reversed the short position in the Nifty April contract. 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.

The composition and the ranking of the top-10 list had no changes. Except ICICI Bank, SBI, BHEL and NTPC all other counters in the top-10 list are in uptrend.

Except Reliance Energy all other uptrend counters are likely to be under threat for Friday’s trading. A lone buying opportunity is likely to exist in NTPC. Selling opportunities are likely to exist in Reliance Capital, Reliance Industries, Tata Steel, Infosys, NTPC and Hindalco.

The best is likely to be selling in Infosys. This counter is in uptrend. Bear move on Friday is likely to reverse the existing trend in this counter.

The composition and the ranking of the top-10 list had no changes. Except ICICI Bank, BHEL and Suzlon all other counters are in uptrend in the top-10 list.

Except Reliance Energy all other 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 Capital, Reliance Industries, SAIL, Suzlon, HDFC, Infosys and Tata Steel.

The best is likely to be selling in HDFC. 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

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

Stories in this Section
Corporate developments

Copyright © 2008, 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