Financial Daily from THE HINDU group of publications
Tuesday, Nov 01, 2005
BULLS dominate over Monday's trading activity.
The sentiment reading of the tradable counters turned neutral. Bull domination on Tuesday is likely to change the sentiment reading in their favour.
Nifty futures recommendation: The November month contract opened with a bull gap of 11 points. Bulls were dominating the entire day leaving bears with no opportunity.
The November month contract moved with in a range of 53 points. It closed with a gain of around 62 points from its previous close.
The short position in the November month contract is exited with a loss of 10 points. The buy level for the November month contract is placed quite nearer to its last traded price and the selling level is placed quite far away.
The buy level is likely to be triggered during Tuesday's trading.
Stock futures recommendation: The composition of the top-10 tradable list had minor changes.
The Hind Lever went out of the top-10 list and gave way to Ranbaxy. There is no change in the ranking of the top-10 tradable list.
The top three tradable counters in this segment were Reliance, Titan and State Bank.
A lone uptrend counter Infosys is likely to be under threat. On the other hand, there are two downtrend counters under threat for Tuesday's trading.
There are ample numbers of opportunities on the buy side for Tuesday's trading. Selling opportunity is likely to exist in ONGC.
The best bet for Tuesday's trading is likely to be buying in Reliance. Bull pressure on Tuesday is likely to initiate a fresh up trend in this counter.
Cash segment: The composition and ranking of the top-10 tradable list had minor changes. McDowell went out from the top-10 list and gave a way to Sesa Goa.
Ranbaxy and Infosys interchanged their positions. SRF and India Bulls interchanged their positions.
Three downtrend counters are likely to be under threat.
On the other hand, there are two uptrend counters that are likely to be under threat for Tuesday's trading. There are six buying opportunities on bull side.
There are no selling opportunities for Tuesday's trading. The best for Tuesday's trading is likely to be buying in Reliance. This counter is in side ways.
Bull domination on Tuesday is likely to initiate long position 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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