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K. Premkumar

Wednesday’s trading activity witnessed volatile movement. The sentiment reading of the tradable counters remains bullish. Bear move on Thursday is likely to change the sentiment reading in its favour.

On the contrary, the current sentiment reading is likely to be strengthened with additional counters.

The October-month contract opened with a bull gap of around 36 points from its previous close.

It moved within a range of around 170 points and closed with a loss of around 20 points from its previous close.

The long position in Nifty for October month contract is intact.

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 activity.

The composition and the ranking of the top-10 list had no changes. All the counters in the top-10 list are in uptrend.

The uptrend in Reliance Capital, Reliance Industries, Tata Steel, NTPC, ICICI Bank and BHEL 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 Capital, Reliance Industries, Tata Steel, NTPC, ICICI Bank and BHEL.

The best is likely to be selling in ICICI Bank. This counter is in uptrend.

Bear domination on Thursday is likely to reverse the trend in this counter.

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

Except Infosys, all the counters in the top-10 tradable list are in uptrend. Reliance Industries, Reliance Capital, SAIL, ICICI Bank, BHEL 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, SAIL, ICICI Bank, BHEL and Tata Steel.

The best is likely to be selling in ICICI Bank. 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.

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