Date:30/12/2005 URL: http://www.thehindubusinessline.com/2005/12/30/stories/2005123003211500.htm

Back Bull domination

K. Premkumar

BULL Dominated over Thursday's trading activity. The sentiment reading of the tradable counters remains bullish. Bear domination on Friday is likely to change the sentiment reading in their favour. On the contrary, the bullish sentiment is likely to be further strengthened.

Nifty futures recommendation: The December month contract opened with a bull gap of around 4 points.

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The December month contract moved with in a range of around 25 points making an intraday high of 2822.95. It closed with a gain of around 24 points from its previous close.

Fresh entry levels are given for January month contract. The buy level is placed quite nearer and the sell level is placed quite far away from its last traded price.

The buy level is likely to be triggered during Friday's trading.

Stock futures recommendation: The composition and the ranking of the top-10 tradable list had no changes.

The top three tradable counters in this segment were Reliance, State Bank and VSNL.

A lone uptrend counter Ranbaxy is likely to be under threat for Friday's trading. There are no down trend counters in the list. There are ample opportunities on both the sides of trading.

The best for Friday's trading is likely to be buying in Reliance. This counter is in sideways mode.

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 no changes.

All the up trend counters in the list are likely to be under threat for Thursday's trading.

On the other hand, a lone down trend counter VSNL is likely to be terminated. There are two opportunities on the buy side and ample opportunities on the sell side.

The best is likely to be selling in Reliance Capital. This counter is in side ways mode. Bear pressure on Friday is likely to initiate a fresh down 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.