Financial Daily from THE HINDU group of publications
Tuesday, Aug 30, 2005
Financial Daily from THE HINDU group of publications Tuesday, Aug 30, 2005 |
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Markets
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Technical Analysis Bears prevail K. Premkumar
BEAR domination during the Monday's trading turned the sentiment reading in its favour. Bull move on Tuesday has the opportunity to turn the sentiment reading to bullish. On the other hand, the prevailing sentiment reading is likely to be strengthened with additional counters. Nifty futures recommendation: The September month contract opened with a bear gap of six points and never looked back in the initial hours of trading activity. In the later part of the day's trading, bulls made a partial recovery. The September contract moved within a band of 40 points. It closed with a loss of around 27 points from the previous close. Monday's market action reversed the existing long position in the September contract. The long trade exited with a loss of around 18 points. In the case of further bear pressure during Tuesday, the initiated short position is likely to continue undisturbed. The entry level for the long position is also placed quite far away and is unlikely to be triggered on Tuesday. Stock futures recommendation: The composition and ranking of the top 10 tradable counters remain unchanged. Top three traded counters were Reliance, VSNL and Tata Steel. Both the uptrend counters in the list are likely to be under threat. Six among the eight downtrend counters are likely to be exited on Tuesday's trading. There are ample buying opportunities for Tuesday's trading. Selling opportunities are likely to exist in Satyam computers and Tata Steel. The best among the above is likely to be buying in Reliance Industries. This counter is in downtrend. Bull domination on Tuesday is likely to reverse the prevailing trend in this counter. Cash segment: There were no changes to the top 10 tradable list. The ranking of the list too remains unchanged. All the positions in the list are likely to be under threat for Tuesday's trading. Four opportunities are likely to exist in either side of trading. The best bet is likely to be buying in Infosys. This counter is in downtrend. Bull domination on Tuesday is likely to trigger the 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 technical analyst and fund management consultant.
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