The Hindu Business Line : Bulls march ahead

BULLS maintained their pressure over Wednesday's trading activity. The sentiment reading of the tradable counters stands mildly bullish. Bear domination on Thursday is likely to change the sentiment reading in their favour. On the contrary, the sentiment reading is likely to turn extremely bullish.

Nifty Futures Recommendation: During the open, the November month contract lost around four points. Bears failed to capitalise on it as they yielded to the underlying bull pressure. The November contract moved within a band of 17 points. It closed with a gain of eight points with respect to Tuesday's close.

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The long position in the November contract remains intact. Thursday being the last trading day for the November contract, the long position may be held with stop order placed at 1,892.25.

If the stop order is not hit, then allow the position to expire. Bearish trigger level is given for the December contract.

Stock Futures Recommendation: Reliance, Maruti and Tata Motors were the top three traded counters in this segment. Trading activity in NTPC was quite hectic on Wednesday with more than 6,900 trades.

Except for the lone downtrend counter, Reliance, all the other counters in the list are likely to be under threat. Fresh entry levels for all the counters are given for the December contract.

Four opportunities are likely to exist on either side of trading. Buying in Tata Steel is likely to be the best for Thursday's trading. Bullish trigger level for this counter is placed quite closer to the last traded value.

Bull move on Thursday has the potential to initiate a fresh uptrend in Tata Steel.

Cash Segment: Wednesday's market action resulted in triggering the uptrend in the recommended counter, Maruti. Bear domination on Thursday is likely to terminate the prevailing uptrend counters in the list. The lone downtrend counter, Reliance, is likely to be safe.

Bulls are likely to have opportunity in five counters. Selling opportunities are likely to exist in four counters.

Buying in Wipro is likely to be the best bet for Thursday's trading. This counter is in the sideways mode.

Bullish trigger level is placed closer to its current level. Bull move on Thursday is likely to trigger the uptrend in Wipro.

(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.