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Friday, Dec 09, 2005


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Markets - Technical Analysis


Bull domination

K. Premkumar

BULLS dominated Thursday's trading activity. Bear domination on Friday is likely to change the sentiment reading. On the contrary, the bullish trend is likely to be strengthened by additional counters.

Nifty futures: The December month contract opened with a bear gap of around eight points. It moved within a range of around 50 points, making an intra-day low of 2,654. It closed with a gain of around six points from its previous close.

The short position in the December contract reversed in the morning session. The exit and sell levels for the contract are placed quite far away from its last traded price. These levels are unlikely to be triggered during Friday's trading.

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Stock futures: The composition and the ranking of the top-10 tradable list had no changes. The short exit level for IPCL is placed at 223.65. The top three tradable counters in this segment were Titan, Reliance and State Bank.

All the counters in the top 10 tradable list are likely to be under threat in Friday's trading. There are five opportunities on the either side of trading. The best bet for Friday's trading is likely to be buying in Reliance. This counter is in sideways mode. The bull move on Friday is likely to initiate a fresh up-trend in this counter.

Cash segment The composition and the ranking of the top-10 tradable list had minor changes. SRF moved out of the list and gave way for Sesa Goa. State Bank and Infosys interchanged their positions. The long exit level for SRF is placed at 279.45.

All the up-trend counters in the top-10 tradable list are likely to be under threat. On the other hand, both the down-trend counters in the list are likely to be terminated during Friday's trading. There are three opportunities on the buy side and ample opportunities on the sell side for Friday's trading. The best bet for Friday's trading is likely to be buying in Reliance Capital. This counter is in sideways mode. Bull pressure on Friday is likely to initiate a fresh up-trend 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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