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TECHNICAL ANALYSIS
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A mixed trend is likely
Deepak Singh Tanwar
A large number of counters showed a sharp dip from their respective
highs on Tuesday. As a result, the index lost 12 points whereas
the fall from the peak was nearly 60 points. Counters like Satyam
Comp, NIIT, Mastek, HFCL, and Global Tele dipped sharply.
Infosys which started the day on a strong note closed in negative
territory. The trading volume on both the exchanges was significantly
higher. For immediate future, the index is likely to show mixed
trend. A minor base is likely at around 3200 points whereas
the level of 3100 points becomes an important support. Infosys
meanwhile lost nearly 7 per cent from its intra-day high.
A mixed trend is expected. The level of Rs 3950 may act as a
minor support. Digital Global also dipped but the medium term
position yet to turn negative. Satyam Computers also witnessed
a decline, and is likely to get a support at around Rs 220.
The performance of Wipro was relatively better. The outlook
for the counter will improve smartly above Rs 1670. A support
is expected at around Rs 1540. HCL Techno, meanwhile, showed
a marginal gain and a positive move is not ruled out. Global
Tele and HFCL were first to show weakness. The fall may slowdown
on these counters.
Other stocks like Zee Tele, NIIT, SSI, and Hughes Soft also
witnessed selling pressure but the fall is likely to slowdown.
So is the case with counters like Polaris, Aftek Infosys and
Mastek.
A positive move is not ruled out on these counters. Among the
old economy, Reliance managed to remain firm and the uptrend
may gather momentum above Rs 316. RPL, however, is expected
to witness selling pressure at higher levels.
SBI, ITC, Telco and Bhel continue to show a steady improvement.
The cement stocks also witnessed a negative trend but a sharp
fall from the current level is not expected.
A consolidation is likely around the current levels. ACC appears
to be the strongest of the lot. Ranbaxy, Dr Reddy’s Labs and
Cipla may also show a firm trend in the near future. Overall,
buying should be done in small lots as the process of consolidation
may keep market volatile in the short run.
(The analyst holds a long position in Reliance, and Telco)
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