Business Daily from THE HINDU group of publications
Saturday, Aug 25, 2007
ePaper
Business Daily from THE HINDU group of publications Saturday, Aug 25, 2007 ePaper |
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Markets
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Technical Analysis
K. Premkumar Friday’s trading activity witnessed bull domination. The sentiment reading of the tradable counters remains bullish. Bear move on Monday is likely to change the sentiment reading in their favour. On the contrary, the prevailing bullish sentiment is likely to be strengthened. NIFTY FUTURES
The August month contract opened with a bull gap of around 39 points from its previous close. The contract moved within a range of around 93 points and closed with a gain of around 70 points from its previous close.
The long position in the August Month Nifty Futures contract is undisturbed. The long exit and short entry levels are placed away from its last traded price. These levels are unlikely to be triggered during Monday’s trading. STOCK FUTURES
The composition of the top-10 tradable list had no changes. However, the ranking of the top-10 list had minor changes. Tata Steel and IDBI interchanged their positions. Century Textiles and BHEL interchanged their positions. Except SBI and IDBI all other counters in the list are in uptrend. In the uptrend counters Reliance Capital, Reliance Industries and ICICI Bank are under threat for Monday’s trading. On the other hand, bull domination on Monday is likely to terminate SBI. Buying opportunities are likely to exist in SBI and IDBI. Selling opportunities are likely to exist in Reliance Capital, Reliance Industries, IDBI and ICICI Bank. The best among the above is likely to be buying in IDBI. This counter is in sideways mode. Bull domination during Monday is likely to initiate a fresh uptrend in this counter. CASH SEGMENT
The composition and the ranking of the top-10 tradable list had minor changes. Satyam made its way to the top-10 list pushing out Suzlon. Satyam occupied last position in the list. Reliance Capital and SBI interchanged their positions. Tata Steel and Infosys interchanged their positions. Reliance Industries, Reliance Capital, Reliance Energy, Tata Steel and ICICI Bank are in uptrend. SBI, Infosys and Satyam are in downtrend. In the uptrend counter Reliance Industries, Reliance Capital and ICICI Bank are under threat for Monday’s trading. On the other hand, bull domination on Monday is likely to terminate all the downtrend counters. Buying opportunities are likely to exist in SBI, Infosys, BHEL, IDBI and Satyam. Selling opportunities are likely to exist in Reliance Industries, Reliance Capital, ICICI Bank and IDBI. The best among the above is likely to be buying in SBI. This counter is in downtrend. Bull move on Monday is likely to reverse the prevailing 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.
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