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K. Premkumar

BEARS gained control of Wednesday's trading activity. Their dominance resulted in reducing the bull count by a considerable margin. However, the sentiment reading of the tradable counters stands mildly in favour of the bulls.

Bear move on Thursday is likely to change the sentiment reading in their favour. On the contrary, the prevailing bullish sentiment is likely to be further strengthened.

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Nifty Futures Recommendation: During the initial hour of the day's trading, the March contract gained eight points. Thereafter, bears took charge of the day's proceedings and wiped out their early losses.

The March contract moved within a band of 37 points. It closed with a loss of around 13 points respect to its previous close.

Bear domination during the day led to the termination of the uptrend in the March contract. The long trade exited with a decent profit of 65 points. In the normal course of trading, the sideways trend is likely to continue on Thursday.

However, bull domination has the potential to re-instate the uptrend in the March contract.

Stock Futures Recommendation: There were no new entries to the top-10 tradable list. The ranking of the list had some changes.

Andhra Bank moved to the fourth position followed by Satyam and Ranbaxy. The exit level for the downtrend in Maruti and the uptrend in ONGC are placed at 470.05 and 891.10 respectively.

Except for the lone downtrend counter - Tata Motors, all the other counters in the list are likely to be under threat. Four opportunities are likely to exist on either side of trading.

Selling in Infosys is likely to be the best bet for Thursday's trading. This counter is in the uptrend. The exit and sell levels for this counter is placed quite closer to the current level.

Bear move on Thursday has the potential to trigger these levels.

Cash Segment: The composition of the top-10 tradable list underwent a change. Andhra Bank gained entry with the exit of Bharti Tele. The ranking of the list too had changes. The downtrend in Bharti Tele is likely to terminate at 233.05.

Bear move on Thursday is likely to terminate most of the uptrend counters in the list. On the other hand, the downtrend in Maruti is likely to be under threat. Selling opportunities are likely to exist in four counters. Buying opportunities are likely to exist in two counters. The best bet for Thursday's trading is likely to be the selling in Infosys. This counter is in the uptrend. Bear pressure on Thursday is likely to reverse the prevailing uptrend in Infosys.

(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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