Financial Daily from THE HINDU group of publications
Thursday, Jun 12, 2003
Financial Daily from THE HINDU group of publications Thursday, Jun 12, 2003 |
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Markets
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Technical Analysis Volatile movement K. Premkumar
THE market was quite volatile on Wednesday. Neither the bulls nor the bears could gain from the day's trading. The market sentiment reading of the tradable counters remains bearish. Bull domination on Thursday is likely to change the sentiment reading in their favour. Otherwise, the prevailing bearish sentiment is likely to continue with added strength. Nifty Futures Recommendation: The near month June month contract moved within a band of 13 points. Bulls managed to gain from the day's trading. The June contract closed with a gain of 7 points with respect to previous close. The long position in the June contract remains intact. This is likely to continue on Thursday. The exit and the bearish trigger levels for the June contract are still placed at a far away level. Stock Futures Recommendation: There were no new entries or exits to the top-10 tradable list. State Bank of India moved to the top slot followed by Infosys and Tata Steel moved to the fifth position. The top three traded counters in this segment were Satyam Computer, Infosys and Reliance Industries. Trading activity in BSES was quite hectic on Wednesday with more than 2100 trades. Bull domination on Thursday is likely to terminate the downtrend in SBI, Tata Steel and Wipro. The lone uptrend counter NIIT is likely to be safe. Bears are likely to have opportunity in Hindustan Petro, Reliance Industries and Satyam Computer. Buying opportunities are likely to exist in Infosys and Wipro. The best bet for Thursday's trading is likely to be Hindustan Petro. This counter is in the sideways mode. Its sell level is placed quite closer to its current level. Bear move on Thursday is likely to trigger this level. Cash Segment: The top-10 tradable list in this segment underwent a change. Hinduja TMT gained entry with the exit of Zee Tele. Except for the downtrend in Digital, all the other counters in the list are likely to be under threat. Buying opportunities are likely to exist in Bank of Baroda, Infosys and Punjab National Bank. Selling opportunities are likely to exist in Infosys and Satyam Computer. The best among the above is likely to be Punjab National Bank. Its bullish trigger level is placed very close to its last traded price. Bull pressure on Thursday is likely to initiate a fresh uptrend 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 Chennai-based technical analyst and fund management consultant.
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