The Hindu Business Line : Bulls prevail

Bulls prevailed over Wednesday's trading activity. The sentiment reading of the tradable counters remains bullish. 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 with additional counters.

Nifty futures

The August month contract opened with a bear gap of around 15 points. However, bears could not capitalise on their initial momentum and gave way to bulls. The August contract moved with in a range of around 92 points making an intraday high of 3265.95. It closed with a gain of around 44 points from its previous close.

The long position in the August contract remains intact.

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Both 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's trading.

Stock futures

The composition and the ranking of the top-10 tradable list had no changes. The top-3 tradable counters in this segment were Reliance, Tata Steel and SBI. There are no downtrend counters in the list. All the uptrend counters in the top-10 tradable list are likely to be under threat for Thursday's trading.

There are two opportunities on the buy side and ample opportunities on the sell side.

The best is likely to be buying in Infosys. This counter is in sideways mode. Bull move on Thursday is likely to initiate a fresh uptrend in this counter.

Cash segment

The composition and the ranking of the top-10 tradable list had no changes. All the uptrend counters in the top-10 tradable list are likely to be under threat for Thursday's trading. There are three opportunities on the bull side and ample opportunities on the bear side for Thursday's trading. The best is likely to be buying in VSNL. This counter is in sideways mode. Bull move on Thursday is likely to trigger the 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.