Financial Daily from THE HINDU group of publications
Friday, Apr 11, 2003
Financial Daily from THE HINDU group of publications Friday, Apr 11, 2003 |
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Markets
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Technical Analysis Steep fall K. Premkumar
THURSDAY'S trading activity witnessed stiff bear domination. Bulls were unable to make any recovery during the day's trading. The sentiment reading of the tradable counters remains strongly bearish. Irrespective of bull or bear domination on Friday, the prevailing bearish sentiment is likely to continue. Nifty futures recommendation: April month contract opened one point below the previous close and went further down by another 38 points. During the close, bulls managed to recover marginally. The April contract closed with a loss of 31 points with respect to Wednesday's close. The downtrend in the April contract remains undisturbed. The exit level for the short position is out of the danger zone. Bullish trigger level for the April contract is still placed far away and this is unlikely to be triggered on Friday. Stock futures recommendation: There were no new entries or exits to the top-10 tradable list. For Friday, the downtrend in Hindustan Petro and Reliance Industries is likely to be under threat. The lone uptrend counter State Bank of India is likely to be safe. Buying opportunities are likely to exist in Reliance Industries, Tata Engg and Tata Steel. Selling opportunities are likely to exist in Tata Engg and Tata Steel. The best bet for Friday's trading is likely to be the buying in Tata Engg. Its buy level is placed closer to its last traded price. Bull pressure on Friday is likely to initiate the uptrend in the counter. Cash segment: The composition as well as the ranking of the top-10 tradable counters remain intact. The downtrend in VisualSoft is likely to be terminated at Rs 153.05. All the counters in the list are in the downtrend. Bull domination on Friday could be a threat to the downtrend in Aftek Infosys and Reliance Industries. Traders holding short positions in these two counters will have to closely monitor their price movements. Bear pressure prevailing in the market has placed the buy levels for all the counters at a far away level. The nearest entry level is for Reliance Industries. Bull domination on Friday has the potential to reverse the prevailing downtrend in the 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 Chennai-based technical analyst and fund management consultant.
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