Financial Daily from THE HINDU group of publications
Friday, Feb 15, 2002
Financial Daily from THE HINDU group of publications Friday, Feb 15, 2002 |
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Markets
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Technical Analysis Bull domination K. Premkumar
Right from the initial hours of Thursday's trading, the bulls were in total control. Bears were unable to make any impact during the day's trading. The sentiment reading of the tradable counters remains in favour of the bulls. Bear domination on Friday is likely to reduce the bull count by a considerable margin. Otherwise, it is likely to remain the same with a slight change in its value. Nifty futures recommendation: The near month February contract opened with a bull gap of 4 points and went further by another 14 points. Bulls capitalised on the day's entire move. February contract closed higher with a gain of 18 points with respect to previous close. The long position in the February contract is presently locked up with a decent profit of around 37 points. Its exit and bearish trigger levels are placed far away from its current level. These levels are unlikely to be triggered on Friday. Stock futures recommendation: The top-10 tradable counters in the stock futures segment had a change. MTNL gained entry for the first time with the exit of Sterlite Optical. The ranking of the list remains the same with no major changes. The exit levels for the long position in Sterlite Optical and VSNL are placed at Rs 138.95 and Rs 175.60 respectively. Satyam Computer, State Bank and MTNL were the top three traded counters in this segment. Most of the counters in the list are in the uptrend. Except for Hindustan Petro and MTNL all the other uptrend counters are likely to be under threat from the bears. Traders are left with a lone opportunity on either side of trading. This is likely to exist in Digital on the long side and Reliance Industries on the short side. Between the two, selling in Reliance Industries is likely to be the best. This counter is in the sideways mode. Its bearish trigger level is placed quite closer to its last traded price. Bear pressure on Friday is likely to initiate a fresh downtrend in this counter. Cash segment: There were no new entries or exits to the top-10 tradable counters in the cash segment. The ranking of the list was also left undisturbed. Except for the uptrend in HCL Tech, the other uptrend counters in the list are likely to be under threat. So, traders holding long positions in the counters will have to closely monitor their price movements. Buying opportunities are likely to exist in Digital and NIIT. Selling opportunities are likely to exist in GTL, IBP Co, NIIT and Wipro. Selling in GTL is likely to be the best for Friday's trading. The same counter was recommend for Thursday's trading. Bear move on Friday is likely to initiate the downtrend 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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