The Hindu Business Line : Marginal gains

The sentiment reading of the tradable counters stands mildly in favour of the bulls. Bear domination on Thursday is likely to change the sentiment reading. On the contrary, the prevailing bullish sentiment is likely to be further strengthened.

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Nifty futures recommendation: During the open, the January contract lost seven points. Bears failed to capitalise on its as they yielded to bull pressure. The January contract moved within a band of 21 points. It closed with a gain of marginal gain of six points with respect to Tuesday's close.

The day's move had no impact on the recommended levels. Bullish trigger level has now been moved closer. Bull move on Thursday is likely to initiate the uptrend in the January contract. Bearish trigger level is still placed far away.

Stock futures recommendation: The composition of the top-10 tradable list as well as the ranking of the list remains undisturbed. For Thursday, the uptrend in ACC and Satyam Computer are likely to be under threat. The prevailing downtrend counters in the list are likely to be safe.

Bulls are likely to have opportunity in CNX IT, Reliance and Tata Steel. A lone selling opportunity is likely to exist in CNX IT. Buying in Reliance is likely to be the best bet for Thursday's trading. This counter is in the sideways mode. Its sell level is placed closer to its current level. Bull pressure on Thursday is likely to trigger this level.

Cash segment: The composition of the top-10 tradable list in this segment underwent a change. Maruti gained entry with the exit of L&T. The ranking of the list remains the same with no major changes. The uptrend in L&T is likely to be terminated at 582.95. Buying opportunities are likely to exist in BPCL, Infosys, Reliance and Satyam Computer. Selling opportunities are likely to exist in SAIL and Satyam Computer. The best among the above is likely to be the buying in Reliance. This counter is in the sideways mode. Its bullish trigger level is placed very close to its last traded price. Bull move on Thursday is likely to initiate the uptrend 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 Chennai-based technical analyst and fund management consultant.