The Hindu Business Line : Bull domination

Bulls dominated the Wednesday's trading action. The sentiment reading of the tradable counters remains bullish. Bear domination on Thursday is likely to neutralise the sentiment reading. On the contrary, the prevailing bullish sentiment is likely to be further strengthened with additional counters.

Nifty futures recommendation: The March month contract opened around its previous level. March contract moved with in a range of around 47 points making an intraday high of 3373. It closed with a gain of around 36 points from its previous close.

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The long position in the March month contract is intact. The fresh entry level is given for April contract. The long exit and short entry levels are placed quite far away from its last traded price. In the normal course of trading, these levels are unlikely to be triggered during Thursday.

Stock futures recommendation: The composition and the ranking of the top-10 tradable list had no changes. The top-3 tradable counters in this segment were VSNL, Satyam and Infosys.

The fresh entry levels are given for April contract. All the counters in the top-10 tradable list are likely to be terminated during Thursday's trading. There are four opportunities on the buy side and ample opportunities on the sell side. The best is likely to be selling in Hind Lever. Bear pressure on Thursday is likely to trigger the down trend in this counter.

Cash segment: The composition of the top-10 tradable list had no changes. However, the ranking of the list had minor changes. SAIL moved up to second position pushing down Tata Motors and Reliance to third and fourth positions respectively. Tata Steel and Satyam interchanged their positions.

All the uptrend counters in the top-10 tradable list are likely to be under threat for Thursday's trading. On the other hand, three down trend counters are likely to be terminated. There are three opportunities on either side of the trading. The best is likely to be selling in Maruti. 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.