The Hindu Business Line : Bulls march ahead

Bear move on Friday is likely to change the sentiment reading in their favour. On the contrary, the current bullish sentiment is likely to be further strengthened with additional counters.

Nifty Futures

The October month contract opened with a bull gap of around 6 points from its previous close. The October month contract moved within a range of around 133 points. The October month contract closed with a gain of around 108 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 faraway from its last traded price. These levels are unlikely to be triggered during Friday’s trading.

Stock Futures

The composition and ranking of the top-10 list had no changes.

Infosys is a lone down trend counter in the top-10 tradable list. Except Reliance Capital all other counters are in uptrend. Uptrend counters Reliance Energy, SBI, TISCO, NTPC and ICICI Bank are likely to be under threat for Friday’s trading. Selling opportunities are likely to exist in Reliance Energy, SBI, TISCO, NTPC and ICICI Bank. On the other hand a lone buying opportunity is likely to exist in Reliance Capital.

The best among the above is likely to be buying in Reliance Capital. This counter is in sideways mode. The buying pressure on Friday is likely to initiate a fresh uptrend in this counter.

Cash Segment

There are no changes in composition and ranking of the top-10 tradable list. There are eight uptrend counters in the top-10 tradable list. Infosys is in down trend and ICICI Bank is in sideways mode.

The uptrend counters Reliance Energy, Tisco and SBI are like to be under threat for Friday.

A lone buying opportunity is likely to exist in ICICI Bank. Selling opportunities are likely to exist in Reliance Energy, Tisco and SBI. The best is likely to be buying in ICICI Bank.

This counter is in sideways mode. The bull move on Friday is likely to trigger long position 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 .