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.

Nifty futures

The January contract opened around its previous close. It moved within a range of around 50 points making an intra-day high of 4028.90 and closed with a gain of around 12 points from its previous close.

Click here for table

The long position in the January month contract remains intact. The long exit and short entry levels are placed quite far away from its last traded price. These levels are unlikely to be triggered during Thursday's trading.

Stock futures

The composition of the top-10 tradable list remained unchanged. However the ranking had minor changes. ACC and Tata Motors moved down while i-flex moved up in the ranking. The top-3 tradable counters in this segment were IVRCL, Polaris and Tata Motors.

There are eight uptrend counters and two downtrend counters in the list. The downtrend counters Tata Steel and ACC are likely to be terminated during Thursday's trading.

Except Century Textiles and Bank of India, other uptrend counters are likely to be under threat for Thursday's trading.

There are ample opportunities on the sell side and two opportunities on the buy side for Thursday's trading. The best among them is likely to be selling in Tata Motors. This counter is in uptrend. Bear move on Thursday is likely to reverse the trend in this counter.

Cash segment

The composition and ranking of the top-10 tradable list had minor changes. ACC gave way to Polaris. Polaris occupied fifth position in the ranking. SBI and Tata Motors moved down while BHEL moved up in the ranking.

There are seven uptrend and three downtrend counters in the list. Except Polaris and Satyam, the other uptrend counters are likely to be under threat on Thursday. On the other hand, all the downtrend counters are likely to be terminated. There are three buying opportunities and five selling opportunities for Thursday. The best among them is likely to be selling in i-flex. 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.