The Hindu Business Line : Volatile movement

Wednesday's trading activity witnessed volatile movement. The sentiment reading of the tradable counters remains bearish. Bull move on Thursday is likely to change the sentiment reading in their favour. On the contrary, the prevailing bearish sentiment is likely to be further strengthened with additional counters.

NIFTY FUTURES

The February contract opened around its previous close and moved within a range of around 56 points. It closed with a loss of around 17 points from its previous close.

The short position in the February month contract remains intact. The short exit and long entry levels are placed 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 had no changes. However the ranking had minor changes. The short exit level for Satyam is placed at 478.75. Most of the counters in the top-10 tradable list are in downtrend. Except Century Textiles, other downtrend counters are likely to be under threat for Thursday's trading. On the other hand, the uptrend counter IDBI is likely to be terminated. There are ample buying opportunities and a lone selling opportunity for Thursday's trading.

Click here for table

The best among them is likely to be buying in Tata Steel. This counter is in sideways mode. Bull move on Thursday is likely to initiate a fresh uptrend in it.

CASH SEGMENT

The composition and ranking of the top-10 tradable list had minor changes. The short exit level for Reliance Industries is placed at 1425.05 and the long exit level for Tata Motors is placed at 851.95.

There are seven downtrend counters and two uptrend counters in the top-10 tradable list. Except Satyam and SRF, other downtrend counters are likely to be under threat for Thursday's trading. On the other hand, the uptrend counters are likely to be terminated. There are ample buying opportunities and two selling opportunities for Thursday's trading.

The best among them is likely to be buying in Tata Steel. This counter is in sideways mode. Bull move on Thursday is likely to initiate a fresh uptrend in it.

(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.