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

The December contract opened with a bull gap of around 11 points from its previous close. The December contract moved within a range of around 93 points and closed with a gain of around 76 points from its previous close.

The long position in the December Nifty 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

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

However, the ranking of the top-10 list had minor changes. GAIL moved from eighth to sixth position in the list. NTPC and ICICI Bank moved one step lower in the top-10 list.

All the counters in the top-10 list are in uptrend. Except Reliance Capital and Tata Steel all other counters 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 all the counters except Reliance Capital and Tata Steel. The best among the above 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 list had minor changes.

ICICI Bank and SAIL interchanged their positions. Reliance Capital and Infosys interchanged their positions.

All the counters in the top-10 list are in uptrend. Except Reliance Energy, Reliance Industries and Reliance Capital 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 all the counters except Reliance Energy, Reliance Industries and Reliance Capital.

The best is likely to be selling in SAIL. 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.