Back Volatile movement
K. Premkumar
WEDNESDAY'S trading activity witnessed Volatile movement. However, the sentiment reading of the tradable counters turned to bullish. Bear domination on Thursday is likely to change the sentiment reading in their favour. On the contrary, the bullish sentiment is likely to be strengthened.
Nifty futures recommendation: The December month contract opened with a bull gap of around 6 points. The December month contract moved within a range of around 48 points making an intra-day low of 2,778. It closed with a loss of around 12 points from its previous close.
The December month contract entered to a fresh long position in the morning session. The exit and sell levels are placed quite far away from its last traded price. In the normal course of trading, these levels are unlikely to be triggered during Thursday's trading.
Stock futures recommendation: The composition of the top-10 tradable list had no changes. However, the ranking of the list had minor changes. Reliance and State Bank interchanged their positions. The top three tradable counters in this segment were Reliance, State Bank and Titan.
All the uptrend counters in the top-10 tradable list are likely to be under threat for Thursday's trading. There are no down trend counters in the list. There are two opportunities on the buy side and ample opportunities on the sell side. The best for Thursday's trading is likely to be selling in Tata Steel. This counter is in up trend. Bull move on Thursday is likely to reverse the existing trend in this counter.
Cash segment: The composition of the top-10 tradable list had no changes. However, the ranking of the list had minor changes. Reliance Industries and State Bank interchanged their positions.
All the up trend counters in the list are likely to be under threat for Thursday's trading. There are four opportunities on the sell side. The best is likely to be selling in Tata Steel. This counter is in up trend. Bear 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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