Business Daily from THE HINDU group of publications
Wednesday, Feb 14, 2007
ePaper


News
Features
Stocks
Cross Currency
Shipping
Archives
Google

Group Sites

Markets - Technical Analysis
Volatile movement

K. Premkumar

Tuesday's trading activity witnessed a volatile movement. The sentiment reading of the tradable counters remains bearish. Bull move on Wednesday is likely to change the sentiment reading in their favour. On the contrary, the prevailing bearish sentiment is likely to be further strengthened with additional counters.

NIFTY FUTURES

The February month contract opened with a bear gap of around 13 points from its previous close. The contract moved within a range of around 148 points making an intraday high of 4141. It closed with a gain of around 14 points from its previous close.

Click here for table

The short position in the February contract remains intact. The short exit and long entry levels are placed far away from its last traded price. These levels are unlikely to be triggered during the normal course of trading during Wednesday.

STOCK FUTURES

The composition and ranking of the top-10 tradable list had minor changes. Satyam gave way to Bajaj Auto. Bajaj Auto occupied tenth position in the ranking. Century Tex and Reliance Capital moved up in the ranking while Hindalco, ICICI and Reliance Industries moved down. The top-3 tradable counters in this segment were IVRCL, Reliance Industries and Hindalco. The short exit level for MTNL, IDBI and Satyam are placed at 145.55, 94.15 and 473.95 respectively.

Most of the counters in the top-10 tradable list are in downtrend. The downtrend counters Reliance Industries, SBI and ICICI are likely to be under threat for Wednesday's trading.

There are three buying opportunities for Wednesday's trading. The best among them is likely to be buying in Reliance Industries. This counter is in downtrend. Bull move on Wednesday is likely to reverse the prevailing trend in this counter.

CASH SEGMENT

The composition of the top-10 tradable list had no changes. However, the ranking had minor changes. IDBI, BHEL and Infosys moved up in the ranking while Satyam, Reliance Industries and SBI moved down. The short exit level for Suzlon and ICICI are placed at 1,147.85 and 988.95 respectively.

All the counters in the top-10 tradable list are in downtrend. Satyam, Infosys, SBI and Reliance Industries are likely to be under threat for Wednesday's trading. There are four buying opportunities for Wednesday's trading. The best among them is likely to be buying in Reliance Industries. This counter is in downtrend. Bull move on Wednesday is likely to reverse the prevailing 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.

More Stories on : Technical Analysis

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page



Stories in this Section
UBI in talks with IDBI, Sharekhan for online broking


Kotak launches emerging equity scheme
Franklin Templeton eyes overseas investments
FT may stop sale, if overheated
ICICI Bank, HDFC Bank ADRs slump
Orchid Chem raises $200 m through FCCBs
Will valuation go up for other telcos?
Jain Irrigation: Betting on Budget
Volatile movement
CRR hike impact: Analysts expect shaky start today
Oil and gas sector bucks the negative trend
Manaksia plans to raise funds through public issue
Euro Ceramics IPO subscribed by 3 times


The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | The Hindu ePaper | Business Line | Business Line ePaper | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2007, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line