The Hindu Business Line : Bull prevails

Bull prevails during Wednesday’s trading activity. The sentiment reading of the tradable counters remains bullish. Bear move on Thursday is likely to change the sentiment reading in their favor. On the contrary, prevailing bullish sentiment is likely to be unchanged.

NIFTY FUTURES

The September month contract opened with a bull gap of around 91 points from its previous close. The September contract moved within a range of around 109 points. It closed with a gain of 196 points from its previous close.

The long position in the September month Nifty contract is undisturbed. The long exit and short entry levels are placed quite far away from its last traded price. These levels are unlikely to be triggered during Thursday’s trading.

STOCK FUTURES

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The composition and the ranking of the top-10 tradable list had minor changes. ACC made its way to top-10 list pushing out BHEL. ACC occupied ninth position in the list. SBI and Reliance Energy interchanged their positions. Reliance Industries and Tata Steel interchanged their positions. ICICI Bank and Century Textiles interchanged their positions. The long exit level for BHEL is placed at 1,924.95.

All the counters in the list are in uptrend. Except Reliance Capital, Reliance Industries, Tata Steel and ICICI Bank all other counters are likely to be under threat for Thursday’s Trading. There are no buying opportunities for Thursday’s trading. Selling opportunities are likely to exist in SBI, Reliance Energy, IDBI, Century Textiles, ACC and NTPC. The best among the above is likely to be selling in Century Textiles. This counter is in uptrend. Bear move on Thursday is likely to reverse the trend in this counter.

CASH SEGMENT

The composition and the ranking of the top-10 tradable list had minor changes. HDFC made its way to top-10 list pushing out BHEL and occupied last position. Reliance Industries and Reliance Capital interchanged their positions. ICICI Bank and Reliance Energy interchanged their positions. SAIL and IDBI interchanged their positions. Infosys moved one step higher in the list. The long exit level for BHEL is placed at 1920.05.

All the counters in the list are in uptrend. SBI, Reliance Energy, IDBI and Infosys are likely to be under threat for Thursday’s trading. There are no buying opportunities for Thursday’s trading. Selling opportunities are likely to exist in SBI, Reliance Energy, IDBI and Infosys. The best is likely to be selling in Infosys. This counter is in uptrend. Bear move on Thursday is likely to reverse the 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.