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K. Premkumar

Bulls prevailed over Wednesday’s trading activity. The sentiment reading of the tradable counters remains bullish.

Bear move on Thursday is likely to change the sentiment reading in their favour.

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

The October month contract opened with a bull gap of around 40 points from its previous close. The contract moved within a range of around 241 points.

The October month contract closed with a gain of around 161 points from its previous close.

The long position in the contract is undisturbed. The long exit and short entry levels are placed quite faraway from its last traded price. These levels are unlikely to be triggered during Thursday’s trading.

The composition and the ranking of the top-10 list had minor changes. Reliance Industries and Tata Power entered into top-10 list pushing out Century Textiles and ACC.

Reliance Industries occupied third position in the list. Tata Power occupied ninth position in the list.

Reliance Energy and Reliance Capital interchanged their positions. SBI, Tata Steel and IDBI moved one step lower in the list. ICICI Bank moved from sixth to eighth position in the list.

Except Reliance Industries, SBI and IDBI all other counters in the top-10 tradable list are in uptrend. Bull domination on Thursday is likely to terminate the downtrend counters Reliance Industries and SBI.

Buying opportunities are likely to exist in Reliance Industries and SBI.

There are no selling opportunities for Thursday’s trading.

The best is likely to be buying in Reliance Industries. This counter is in downtrend. Bull move on Thursday is likely to reverse the existing trend in this counter.

The composition and the ranking of the top-10 tradable list had minor changes. Tata Power made its way to top-10 list pushing out HDFC and occupied ninth position.

Reliance Industries and Reliance Capital interchanged their positions. Infosys moved from seventh to fourth position in the list. ICICI Bank moved one step higher in the list.

Tata Steel moved from fourth to sixth position in the list. SBI moved from fifth to seventh position in the list.

Except SBI and IDBI, all other counters in the top-10 tradable list are in uptrend. Bull domination on Thursday is likely to terminate SBI. Buying opportunity is likely to exist in SBI.

There are no selling opportunities for Thursday’s trading. The best is likely to be buying in SBI. This counter is in downtrend. Bull pressure 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.

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