The Hindu Business Line : Marginal gains

BULLS maintained their pressure over Wednesday's trading. The sentiment reading of the tradable counters stands strongly bullish with no downtrend counters.

Bear domination on Thursday is likely to change the sentiment reading in their favour. Otherwise, the prevailing sentiment is likely to continue with a slight change in its value.

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Nifty futures recommendation: Initially, the near month September contract lost around 18 points. Bears failed to capitalise on it as they succumbed to bull pressure.

The September contract moved with a band of 28 points. It closed two points lower than Tuesday's close.

The long position in the September contract remains undisturbed. The exit and bearish trigger levels for the September contract are placed around the same level.

Stock futures recommendation: ONGC regained its entry to the top-10 tradable list with the exit of M&M.

Trading in Oriental Bank was quite hectic with more than 3,450 trades.

The exit level for the long position in M&M is placed at Rs 445.95.

Bear pressure on Thursday can be a threat to most of the uptrend counters in the tradable list.

Selling opportunities are likely to exist in five counters. A lone buying opportunity is likely to exist in Infosys.

The best bet for Thursday's trading is likely to be the selling in Infosys. Bearish trigger lever for this counter is placed closer to its current level.

Bear move on Thursday is likely to trigger the downtrend in Infosys.

Cash segment: The composition of the top-10 tradable list has changed. Wipro gained entry with the exit of M&M.

The ranking of the list had few changes. SAIL moved to the second position and Satyam to the fifth position.

The uptrend in M&M is likely to be terminated at Rs 449.10.

Bear domination on Thursday is likely to terminate most of the uptrend counters in the list.

Selling opportunities are likely to exist in six counters. A lone buying opportunity is likely to exist in Infosys.

Selling in Reliance is likely to be the best for Thursday's trading. This counter is in the uptrend.

Its exit and bearish trigger levels are placed quite close to its last traded price.

Bear domination on Thursday has the potential to reverse the prevailing uptrend in Reliance.

(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.