Financial Daily from THE HINDU group of publications
Friday, Mar 21, 2003
Financial Daily from THE HINDU group of publications Friday, Mar 21, 2003 |
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Markets
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Technical Analysis Bull onslaught K. Premkumar
BULLS were in total command of Thursday's trading activity. Their dominance for the second successive trading left the bears stranded. The sentiment reading of the tradable counters stands strongly bullish with no downtrend counters. Irrespective of bull or bear domination on Friday, the prevailing sentiment is likely to continue with a slight change in its value. Nifty futures recommendation: The March contract opened with a bull gap of 5 points and went further by another 21 points. Bears were unable to make any impact during the day's trading. The March contract closed higher with a gain of 21 points with respect to previous close. The short position in the March contract was left undisturbed. However, this is likely to be under threat on Friday. Bull domination on Friday has the potential to reverse the prevailing downtrend in the March contract. Stock futures recommendation: The composition as well as the ranking of the top-10 tradable list remain unchanged. The top three traded counters in this segment were Satyam Computer, Infosys and Reliance Industries. Trading activity in Polaris Soft was quite hectic on Thursday with more than 3300 trades. Except for Hindustan Petro, all the other counters in the list are in the uptrend. For Friday, the uptrend in State Bank and Tata Steel is likely to be under threat. Selling opportunities are likely to exist in Hindustan Petro and State Bank. A lone buying opportunity is likely to exist in Hindustan Petro. Buying in Hindustan Petro is likely to be the best for Friday's trading. Its bullish trigger level is placed quite closer to its last traded price. Bull move on Friday is likely to initiate the uptrend in the counter. Cash segment: There were no new entries or exits to the top-10 tradable list. Satyam Computer moved to the top slot followed by Digital. Most of the counters in the list are in the uptrend. Except for State Bank, all the other counters in the list are likely to be safe. Bears are unlikely to have any opportunity for Friday's trading. Buying opportunities are likely to exist in Hexaware, Hughes Soft and Punjab National Bank. The best among the above is likely to be in Hexaware. Its buy level is placed very close to its current level. Bull pressure on Friday is likely to initiate a fresh uptrend in the 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 Chennai-based technical analyst and fund management consultant.
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