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K. Premkumar

Bulls dominated Wednesday's trading activity. The sentiment reading of the tradable counters changed to bullish. Bear move on Thursday is likely to change the sentiment reading to bearish. On the other hand, the prevailing bullish sentiment is likely to be further strengthened with additional counters.

Nifty Futures

The September month contract opened with a bull gap of around 23 points from its previous close. The September contract moved with in a range of around 67 points, posting an intra-day high of 3,474.90. It closed with a gain of around 70 points from its previous close.

The short position in the September month contract exited and entered long. The long exit and short entry levels are placed far away from its last traded price. These levels are unlikely to be triggered during trading on Thursday.

Stock futures

The composition of the top 10 tradable counters had no changes. However the ranking had minor changes. ACC moved up in the ranking and occupied fifth position while Satyam moved down and occupied sixth position.

The top three tradable counters in this segment were Reliance, Reliance Capital and Maruti.

Click here for table

Most of the counters in the top 10 tradable list are in uptrend. All the uptrend counters are likely to be under threat for Thursday's trading. On the other hand, ONGC, the lone downtrend counter, is likely to be terminated.

There exist ample selling opportunities and a lone buying opportunity for Thursday's trading. The best is likely to selling in Reliance. This counter is in uptrend. Bear move on Thursday is likely to trigger the downtrend in this counter.

Cash segment

The composition and the ranking of the top 10 tradable list had no changes. All the counters in the top 10 tradable list are in uptrend and are likely to be under threat for Thursday's trading.

There are ample selling opportunities for Thursday's trading. The best is likely to be selling in Reliance Industries. This counter is in uptrend. Bear move 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.

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