Financial Daily from THE HINDU group of publications
Thursday, Nov 17, 2005
Financial Daily from THE HINDU group of publications Thursday, Nov 17, 2005 |
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Markets
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Technical Analysis Bull domination K. Premkumar
THE sentiment reading of the tradable counters continued to remain bullish. Bear domination on Thursday is likely to change the sentiment reading in their favour. On the contrary, the prevailing bullish sentiment is likely to be further strengthened. Nifty futures recommendation: The November month contract opened with a bull gap of around 2 points and went up further by another 28 points to make an intra-day high of 2588.5 on Wednesday. The November month contract moved within a range of 34 points and closed with a gain of 22 points from its previous close. The exit level for the long position in the November contract is placed with a huge locked profit of 193 points. The sell level for the November month contract is placed quite far away. This level is unlikely to be triggered during Thursday's trading. Stock futures recommendation: The composition and ranking of the top-10 tradable list had no changes. The top three tradable counters in this segment were Reliance, SRF and State Bank. There are no downtrend counters in the top-10 tradable list. All the uptrend counters in the list are likely to be under threat for Thursday's trading. There are ample selling opportunities in the list. The best for Thursday is likely to be the selling in Ranbaxy. This counter is in uptrend. Bear pressure on Thursday is likely to reverse the prevailing trend in this counter. Cash segment: The composition and ranking of the list had minor changes. Tata Steel dropped out of the top-10 tradable list giving way to Sesa Goa. Titan moved to first position followed by Reliance and Satyam Computer. Infosys and India Bulls interchanged their positions. A lone downtrend counter Sesa Goa is likely to be under threat for Thursday's trading. All the uptrend counters in the list are likely to be under threat. There are no buying opportunities for Thursday's trading. Selling opportunities are likely to exist in Satyam, Ranbaxy and Infosys. The best among the above is likely to be selling in Ranbaxy. This counter is in uptrend. Sell level for this counter is likely to be triggered during Thursday's trading. (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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