The Hindu Business Line : Bull prevails

Bear move on Thursday is likely to change the sentiment reading in their favour. On the contrary, the current bullish sentiment is likely to continue.

NIFTY FUTURES

The October month contract opened with a bull gap of around 44 points from its previous close.

The October month contract moved within a range of around 100 points. The October month contract closed with a gain of around 121 points from its previous close.

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The long position in the October Month 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

The composition of the top-10 list had no changes. However, the ranking of the top-10 list had minor changes.

SBI and Tata Steel interchanged their positions. Tata Power and ICICI Bank interchanged their positions.

All counters in the top-10 tradable list are in uptrend. Reliance Industries, Reliance Capital, Tata Steel, NTPC and ICICI Bank 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 Reliance Industries, Reliance Capital, Tata Steel, NTPC and ICICI Bank.

The best is likely to be selling in Reliance Capital. This counter is in uptrend. Bear move on Thursday is likely to reverse the existing 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. Tata Power moved from eighth to fifth position in the list. ICICI Bank, Tata Steel and SBI moved one step lower in the list.

All the counters in the top-10 tradable list are in uptrend. Reliance Industries, Reliance Capital, ICICI Bank and Tata Steel 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 Reliance Industries, Reliance Capital, ICICI Bank and Tata Steel. The best is likely to be selling in Tata Steel. This counter is in uptrend. Bear pressure on Thursday is likely to reverse 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.