The Hindu Business Line : Unstable movement

WEDNESDAY'S market witnessed unstable movement. Still, the sentiment reading of the tradable counters remains bullish. Bear control on Thursday is likely to alter the outlook in their favour. On the contrary, the prevailing bullish sentiment is likely to be further fortified.

Nifty futures recommendation: The January month contract opened with a bull breach of around 21 points. It moved within a range of around 23 points recording an all-time high of 2896. It closed with a gain of around 20 points from its earlier close.

The Long position in the January month contract remains unbroken. The exit price is placed quite nearer with a profit locking of around 59 points. The sell level is placed quite far away from its last traded price. For Thursday's trading, the exit level is likely to be triggered.

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Stock futures recommendation: The composition of the top-10 tradable list had no changes. The ranking of the list had minor changes. Satyam moved up to fifth position and State Bank moved down to sixth position. The top three tradable counters in this segment were Reliance, Satyam and State Bank.

All the uptrend counters in the top-10 tradable list are likely to be under threat for Thursday's trading. On the other hand, there are no downtrend counters in the list. There are ample opportunities on sell side. The best for Thursday's trading is likely to be selling in Ranbaxy. This counter is in up trend. Bear move on Thursday is likely to reverse the existing trend in this counter.

Cash segment: The Composition and the ranking of the top-10 tradable list had no changes. There are no downtrend counters in the list. All the uptrend counters in the top-10 tradable list are likely to be terminated during Thursday's trading. There are four opportunities on the sell side. The best is likely to be selling in Tata steel. This counter is in uptrend. Bear force on Thursday is likely to change the existing trend 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.