The Hindu Business Line : Bulls prevail

Bulls prevailed over 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 in their favour. On the contrary, the prevailing bullish sentiment is likely to be further strengthened with additional counters.

Nifty futures

The April contract opened with a bull gap of around 17 points from its previous close. It moved within a range of around 47 points making an intraday high of 3726 and closed with a gain of around 33 points.

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The short position in the April contract exited and entered long. The long exit and short entry levels are placed quite nearer to its last traded price. These levels are likely to be triggered during the normal course of trading during Thursday.

Stock futures

The composition of the top-10 tradable list had no changes. However, the ranking had minor changes. Century Textiles and BHEL moved up while Reliance Industries, Bank of India and TCS moved down. Most of the counters in the list are in uptrend. All the counters are likely to be under threat for Thursday's trading. There are ample selling opportunities and two buying opportunities for Thursday's trading. The best among them is likely to be selling in TCS. This counter is in uptrend. Bear move on Thursday is likely to reverse the prevailing trend in this counter.

CASH SEGMENT

The composition of the top-10 tradable list had no changes. However, the ranking had minor changes. Satyam, BHEL and ICICI moved up in the ranking while ITC, ACC and SBI moved down.

All the counters in the top-10 tradable list are in uptrend. Except BHEL and ACC, other counters are likely to be under threat for Thursday's trading. There are ample selling opportunities for Thursday's trading. The best among them is likely to be selling in Satyam. This counter is in uptrend. Bear move on Thursday is likely to reverse the prevailing 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.