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K. Premkumar

Thursday’s trading activity witnessed bear domination. The sentiment reading of the tradable counters changed to bearish. Bull domination on Friday is likely to change the sentiment reading in their favour.

On the contrary, the current sentiment reading is likely to be continued.

The March month contract opened with a bear gap of around 144 points from its previous close.

The March month contract moved within a range of around 184 points. The March month contract closed with a loss of around 260 points from its previous close.

The downtrend in the Nifty March month 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.

The composition of the top-10 list had no changes. However, the ranking of the top-10 list had minor changes. SBI and ICICI Bank interchanged their position.

All the counters in the top-10 list are in downtrend. All exit and entry levels are placed quite far away from their last traded prices. The nearest level is likely to be buying in NTPC. Bull move on Friday is likely to reverse the existing trend in this counter.

The composition of the top-10 list had no changes. However, the ranking of the top-10 list had minor changes. SAIL and BHEL interchanged their position. Tata Steel and HDFC interchanged their position.

All the counters in the top-10 list are in downtrend.

All exit and entry levels are placed quite far away from their last traded prices. The nearest level is likely to be buying in HDFC. Bull 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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