Financial Daily from THE HINDU group of publications
Wednesday, Feb 19, 2003
Financial Daily from THE HINDU group of publications Wednesday, Feb 19, 2003 |
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Markets
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Technical Analysis Narrow movement K. Premkumar
BULLS failed to extend their grip over Tuesday's trading. Prices of the tradable counters moved within a close band. Neither the bulls nor the bears could gain from the day's trading. The sentiment reading of the tradable counters remains bullish. Bear domination on Wednesday is likely to change the sentiment reading in its favour. On the other hand, the prevailing sentiment is likely to continue with added strength. Nifty futures recommendation: February month contract moved within a band of eight points. Bears were in control of the day's proceedings. February contract closed with a loss of 3 points with respect to Monday's close. The long position in the February contract remained intact. The exit level for the uptrend is placed just 3 points away from its current level. Bear pressure on Wednesday is likely to trigger this level. Bearish trigger level for the February contract is placed far away. Stock futures recommendation: There were no new entries or exits to the top-10 tradable list. Reliance Industries moved to the fifth position and Hindustan Petro to the sixth position. Satyam Computer continues to dominate the trading in this segment followed by Hindustan Petro and State Bank. Except for the uptrend in Hindustan Petro, all the other counters in the list are likely to be under threat. Selling opportunities are likely to exist in five counters. A lone buying opportunity is likely to exist in MTNL. The best bet for Wednesday's trading is likely to be the selling in Tata Engg. This counter is in the uptrend. Its exit and bearish trigger levels are placed very close to its last traded price. Bear pressure on Wednesday is likely to reverse the prevailing trend in this counter. Cash segment: The top-10 tradable list in the cash segment underwent a change. Geometric Soft gained entry with the exit of Hindustan Petro. Polaris Soft moved to eighth position followed by Reliance Industries. The uptrend in Hindustan Petro is likely to be terminated at Rs 311.20. None of the counters in the list is in the downtrend. Bear domination on Wednesday could be a threat to the prevailing uptrend counters in the list. Traders are left with ample opportunities for Wednesday's trading. Bears are likely to have opportunity in as much as nine counters. A lone buying opportunity is likely to exist in Infosys. Selling in Digital is likely to be best for Wednesday's trading. This counter is in the uptrend. Its exit and sell levels are placed closer to its current level. Bear move on Wednesday is likely to trigger these levels.
(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 Chennai-based technical analyst and fund management consultant.
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