The Hindu Business Line : Volatile movement

Bull pressure on Thursday is likely to change the sentiment reading in their favour. On the contrary, the bearish sentiment is likely to be strengthened.

Nifty futures: The February month contract opened with a bull gap of around three points. The February month contract moved with in a range of around 32 points making an intraday high of 2999.90. It closed with a loss of around 10 points from its previous close.

The long position in the February month contract exited and entered short in the morning session. The exit and buy levels for the February month contract are placed quite nearer to the last traded price. These levels are likely to be triggered during Thursday's trading.

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Stock futures: The composition of the top-10 tradable list had no changes. However, the ranking of the list had minor changes. Ranbaxy moved up to eighth position and Infosys moved down to ninth position. The top-three tradable counters in this segment were Cipla, Tata Steel and State Bank.

Both the uptrend counters in the top-10 tradable list are likely to be under threat for Thursday's trading. On the other hand, five downtrend counters are likely to be terminated. There are ample opportunities on the buy side and two opportunities on the sell side. The best for Thursday is likely to be selling in Reliance. This counter is in uptrend. Bear pressure 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 minor changes. Titan went out of the list and gave way to ONGC. Satyam and ICICI bank moved up to ninth and fourth positions respectively.

All the counters in the top-10 tradable list are likely to be terminated during Thursday's trading. There is a lone opportunity on the buy side and ample opportunities on the sell side. The best is likely to be selling in Satyam. This counter is in uptrend. Bear pressure on Thursday is likely to reverse 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.