The Hindu Business Line : Bulls prevail

Bear move on Thursday is likely to change the sentiment reading in their favour. On the contrary the current sentiment reading is likely to be continued.

Nifty Futures

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The November month contract opened with a bull gap of around 153 points from its previous close. The November month contract moved within a range of around 165 points. The November month contract closed with a gain of around 246 points from its previous close.

The long position in the Nifty November 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.

Stock Futures

The composition and the ranking of the top-10 list had minor changes. ICICI Bank made its way to top-10 list pushing out ONGC.

ICICI Bank occupied eighth position in the list. Tata Power moved from sixth to last position in the list. IDBI and Tata Steel moved one step higher in the list.

All the counters in the top-10 list are in uptrend. The uptrend counters SBI, Tata Steel 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 SBI, Tata Steel and BHEL. The best is likely to be selling in Tata Steel.

This counter is in uptrend. Bear move on Thursday is likely to reverse the existing trend in this counter.

Cash segment

The composition and the ranking of the top-10 list had minor changes. ONGC made its way to top-10 list pushing out IDBI. ONGC occupied ninth position in the list. Tata Power moved from fifth to eighth position in the list.

SAIL moved from eighth to sixth position in the list. Tata Steel moved one step lower in the list.

All the counters in the list are in uptrend. The uptrend counters Reliance Energy, SBI, BHEL, Tata Power 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 Energy, SBI, BHEL, Tata Power and Tata Steel.

The best is likely to be selling in Tata Steel. This counter is in uptrend. Bear move on Thursday is likely to reverse the existing 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.