The Hindu Business Line : Volatile movement

Bear domination on Thursday is likely to change the sentiment reading in their favour. On the contrary, the current sentiment reading is likely to be strengthened with additional counters.

NIFTY FUTURES

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The April contract opened with a bull gap of around 8 points from its previous close. The April contract moved within a range of around 73 points and closed with a loss of around 7 points from its previous close.

Bull move during the day initiated a fresh uptrend in the Nifty April contract. The long exit and short entry levels are placed quite nearer to its last traded price.

These levels are likely to be triggered during Thursday’s trading.

STOCK FUTURES

The composition of the top-10 list had no changes. However, the ranking of the top-10 list had minor changes.

BHEL and SBI interchanged their position. All the counters in the top-10 list are in uptrend.

Except Reliance Industries, Reliance Energy and Infosys all other counters in the top-10 list 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, ICICI Bank, Tata Steel, BHEL, SBI, NTPC and ONGC. The best is likely to be selling in NTPC. This counter is in uptrend. Bear move on Thursday is likely to reverse the existing trend in this counter.

CASH SEGMENT

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

However, the ranking of the top-10 list had minor changes. BHEL and Reliance Energy interchanged their position.

HDFC and SAIL interchanged their position in the list.

Except BHEL and Suzlon all other counters are in uptrend in the top-10 list. The uptrend counters ICICI Bank, HDFC, SAIL and Tata Steel are likely to be under threat for Thursday’s trading.

On the other hand, bull move on Thursday is likely to terminate Suzlon. A lone buying opportunity is likely to exist in Suzlon.

Selling opportunities are likely to exist in ICICI Bank, HDFC, SAIL 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.