The Hindu Business Line : Bulls prevail

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

Nifty futures recommendation: The November month contract opened with a bull gap of around 11 points. The November month contract moved within a range of 42 points making an intraday high of 2624.90.

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It closed with a gain of around 51 points from its previous close.

The long position in the November contract remains intact. The exit and sell levels for the November month contract is placed quite far away. In the normal course of trading during Thursday these levels are unlikely to be triggered.

Stock futures recommendation: The composition of the top-10 tradable list had no changes. However, the ranking of the list had minor changes. IPCL moved up to fifth position and Infosys moved down to seventh position. The exit level for Arvind Mills is placed at 112.70. The top three tradable counters in this segment were Reliance, State Bank and Reliance Capital.

Both the uptrend counters — State Bank and Tata Motors are likely to be under threat for Thursday's trading. On the other hand, except Tata Steel other two downtrend counters are likely to be terminated. There are ample buying opportunities on the bull side. Selling opportunities are likely to exist in two counters in the list. The best for Thursday is likely to be buying in ICICI. This counter is in side ways. Bull pressure on Thursday is likely to initiate a fresh uptrend in this counter.

Cash segment: The composition of the list had no changes. The ranking of the top-10 tradable list had minor changes. Reliance Capital, Titan, State Bank and Satyam interchanged their positions.

All the uptrend and downtrend counters in the list are likely to be under threat for Thursday's trading. Four opportunities are likely to exist on the bull side and two on the bear side. The best for Thursday's trading is likely to be buying in VSNL. This counter is in side ways mode. Bull pressure on Thursday is likely to initiate a fresh 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 technical analyst and fund management consultant.

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