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 its favour. On the contrary, the prevailing bullish sentiment is likely to be further strengthened with additional counters.

NIFTY FUTURES

The December contract opened with a bull gap of around 18 points from its previous close. It moved within a range of around 42 points making an intra-day high of 3994.80. The December contract closed with a gain of around 43 points from its previous close.

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The long position in the December contract remains intact. 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 trading on Wednesday.

STOCK FUTURES

The composition of the top-10 tradable list remained unchanged. However, ranking of the list had a minor change. Reliance Industries & SBI interchanged their rankings. The top-3 tradable counters in this segment were Reliance Communications, Reliance Industries and Century Textiles.

All the counters in the list are in uptrend. Bear domination on Thursday is likely to terminate the uptrend in all the counters except Tata Motors. There are plenty of selling opportunities for Thursday's trading. The best among them is likely to be selling in BHEL. This counter is in uptrend. Bear move on Thursday is likely to reverse the prevailing trend in this counter.

CASH SEGMENT

The composition and ranking of the top-10 tradable list remained unchanged. All the uptrend counters in the list are likely to be under threat for Thursday's trading. On the other hand, the lone downtrend counter Zee Tele is likely to be safe. There are eight selling opportunities for Thursday's trading.

The best among them is likely to be selling in SBI. This counter is in uptrend. Bear move on Thursday is likely to reverse the uptrend in SBIN.

(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.