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K. Premkumar

Wednesday's trading activity witnessed a volatile movement. The sentiment reading of the tradable counters remains bullish.

Bear move on Thursday is likely to change the sentiment reading in their favour.

Click here for table

On the other hand, the prevailing bullish sentiment is likely to be further strengthened.

NIFTY FUTURES

The September contract opened with a bull gap of around 25 points from its previous close. The September contract moved with in a range of around 34 points making an intra-day high of 3605.95. It closed with a gain of around 7 points from its previous close.

The September contract initiates a long position. The long exit level is placed quite nearer to its last traded price. The short entry level is given for October contract.

STOCK FUTURES

The composition and ranking of the top-10 tradable list had minor changes. Reliance Energy gave way to SBI.

SBI occupied tenth position in the ranking. BHEL, Infosys, Bajaj Auto and ACC moved up in the ranking while Reliance Industries, Maruti, Tata Steel and Satyam moved down.

The top-3 traded counters in this segment were Reliance Capital, Reliance Industries andTata Steel. The exit level for Reliance Energy is placed at 463.55.

All the counters in the list are in uptrend and are likely to be under threat for Thursday's trading.

The exit levels given are for the September contract and the entry levels are for the October contract.

There are ample selling opportunities for Thursday's trading.

The best is likely to be selling in ACC. 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 Infosys. This counter is in uptrend. Bear move on Thursday is likely to trigger the downtrend 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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