Business Line
Selling in Reliance Industries is the best bet
Saturday, 08 September , 2007, 08:27
Friday's trading activity witnessed bear pressure. However, the
sentiment reading of the tradable counters remains bullish. Bear move
on Monday is likely to change the sentiment reading in their favour.
On the contrary, the prevailing bullish sentiment is likely to
continue undisturbed.
Nifty Futures
The September month contract opened with a bull gap of around nine
points from its previous close. However, bulls were not able to
sustain their initial momentum and gave way to bear pressure. The
September month contract moved within a range of around 47 points. The
September month contract closed with a loss of around 23 points from
its previous close.
The long position in the September month contract is undisturbed. The
long exit and short entry levels are placed nearer to its last traded
price. Bear domination on Monday is likely to reverse the prevailing
trend in Nifty September month contract.
Stock Futures
The composition and the ranking of the top-10 tradable list had minor
changes. Tata Motors made its way to top-10 list pushing out NTPC.
Reliance Capital moved from first to third position in t he list. Tata
Steel and Reliance Industries moved one step higher in the list. IDBI
and SBI interchanged their positions. The long exit level for NTPC is
placed at 176.30.
All the counters in the list are in uptrend. Except IDBI and Reliance
Energy all other counters are likely to be under threat for Monday's
trading. There are no buying opportunities for Monday's trading.
Selling opportunities are likely to exist in all the counters except
IDBI and Reliance Energy. The best among the above is likely to be
selling in Reliance Industries. This counter is in uptrend. Bear move
on Monday 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 of the top-10 list had minor changes. IDBI and Reliance
Energy interchanged their positions. BHEL and Infosys interchanged
their positions. The short exit level for Satyam is placed at 455.05.
All the counters in the list are in uptrend. Except IDBI all other
counters are likely to be under threat for Monday's trading. There are
no buying opportunities for Monday's trading. Selling opportunities
are likely to exist in all the counters except IDBI.
The best among the above is likely to be selling in Reliance
Industries. This counter is in uptrend. Bear move on Monday is likely
to trigger the short position in Reliance Industries.
BigGains !!
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