Financial Daily from THE HINDU group of publications
Tuesday, Nov 15, 2005


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Markets - Technical Analysis

Volatile movement

K. Premkumar

THE sentiment reading of the tradable counters continued to remain bullish. Bear domination on Wednesday is likely to change the sentiment reading in their favour. On the contrary, the prevailing bullish sentiment is likely to be further strengthened with additional counters.

Nifty futures recommendation: The November month contract opened with a bull gap of around 10 points and went up further by another 13 points to make an intra-day high of 2571. During the later part of the day's trading, bears managed to recover most of their losses. The November month contract moved within a range of 40 points and closed with a gain of 10 points from its previous close.

The exit level for the long position in the November contract is been placed at 2529.95 locking a huge profit of 168 points. The sell levels for the November month contract is placed quite far away and this level is unlikely to be triggered during Wednesday'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 State Bank, VSNL and Reliance Capital.

All the uptrend counters in the list are likely to be under threat for Wednesday's trading. There are no downtrend counters in the top-10 tradable list. For Wednesday's trading, there are five selling opportunities. Buying opportunity is likely to exist in Reliance. The best among the above is likely to be the buying in Reliance. This counter is in sideways mode. Bull pressure on Monday is likely to initiate a fresh up trend in this counter.

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Cash segment: The composition of the list had no changes. The ranking of the list had minor changes. Reliance moved to second position followed by Titan and State Bank. SRF and Infosys interchanged their positions.

All the uptrend counters in the list are likely to be under threat for Wednesday's trading. Buying opportunities are likely to exist in Reliance and Infosys. There are ample selling opportunities for Wednesday's trading. The best among the above is likely to be selling in India Bulls. This counter is in sideways mode. Bearish level for this counter is likely to be triggered during Wednesday'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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