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K. Premkumar

Bear dominated over Thursday’s trading activity.

However, the sentiment reading of the tradable counters changed to bullish. Bear move on Friday is likely to change the sentiment reading in their favour.

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

The February contract opened with a bear gap of around 19 points from its previous close. The February contract moved within a range of around 244 points and closed with a loss of around 209 points from its previous close.

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

The composition and the ranking of the top-10 list had no changes. Except Reliance Industries, NTPC, ICICI Bank and ONGC, all other counters in the top-10 list are in uptrend. All the uptrend counters are likely to be under threat for Friday’s trading.

On the other hand, bull move on Friday is likely to terminate all the downtrend counters. Buying opportunities are likely to exist in Reliance Industries, NTPC, ICICI Bank and ONGC. Selling opportunities are likely to exist in all the uptrend counters. The best is likely to be selling in Tata Steel. This counter is in uptrend. Bear move on Friday is likely to reverse the existing trend in this counter.

The composition and the ranking of the top-10 tradable list had no changes. The long exit level for Tata Steel is placed at 794.95.

Except SAIL, ONGC, BHEL and Infosys all other counters in the 10 list are in uptrend. All the uptrend counters are likely to be under threat for Friday’s trading.

On the other hand, bull move on Friday is likely to terminate all the downtrend counters.

Buying opportunities are likely to exist in SAIL, ONGC, BHEL and Infosys. Selling opportunities are likely to exist in all the uptrend counters.

The best among the above is likely to be selling in Reliance Industries.

This counter is in uptrend. Bear move on Friday 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.

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