Financial Daily from THE HINDU group of publications
Thursday, Mar 31, 2005
Financial Daily from THE HINDU group of publications Thursday, Mar 31, 2005 |
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Markets
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Technical Analysis Range-bound movement K. Premkumar
WEDNESDAY'S trading activity witnessed range-bound movement. Neither the bulls nor the bears could gain from the day's trading. Bull domination on Thursday is likely to reduce the bear count by a considerable margin thereby resulting a change in the sentiment reading. Nifty futures recommendation: The near month March contract opened around its previous close and initially lost around 14 points. During the fag end of the day's trading, bulls made a strong come back and wiped out their losses. The March contract moved within a band of 30 points. It closed higher with a gain of 14 points over previous close. Thursday being the expiry day for the March contract, the prevailing short position may be held with the stop placed at 2032.05. Bullish entry level is given for the April contract. In the normal course of trading on Thursday, this level is unlikely to be triggered. Stock futures recommendation: There were no new entries or exits to the top-10 tradable list. The ranking of the list remains the same with no major changes. Tata Steel, State Bank and Reliance were the top three traded counters in this segment. Except for Satyam, all the other counters in the list are in the downtrend. For Thursday, most of the counters in the list are likely to be under threat. Fresh entry levels for all the counters are given for the April contract. Buying opportunities are likely to exist in four counters. A lone selling opportunity is likely to exist in Satyam. Buying in ONGC is likely to be the best bet for Thursday's trading. Bull move on Thursday has the potential to initiate the uptrend in ONGC. Cash segment: The composition of the top-10 active counters list underwent a change. Tata Motors gained entry with the exit of Infosys. The ranking of the list too had some changes. PNB moved to the top slot and Tata Steel moved to the fourth position. None of the counters in the list is in the uptrend. Except for the downtrend in PNB and SAIL, all the other counters in the list are likely to under threat. Bulls are likely to have opportunity in Andhra Bank, ONGC and Satyam. A lone selling opportunity is likely to exist in Satyam. The best among the above is likely to be the buying in ONGC. Bullish trigger level for this counter is placed within two rupees from the closing price. Bull pressure on Thursday is likely to trigger the uptrend in ONGC. (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.
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