The Hindu Business Line : Sideways movement

Wednesday's trading activity witnessed sideways movement. However, the sentiment reading of the tradable counters remained 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 3 points. It moved within a range of around 33 points and closed with a gain of around 11 points from its previous close.

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

STOCK FUTURES

The composition and ranking of the top-10 tradable list had minor changes. Satyam went out from the top-10 tradable list and gave way to TCS. SBI and Tata Steel interchanged their positions and ICICI and ACC interchanged their positions. The top-3 tradable counters in this segment were SAIL, Tata Steel and Reliance Industries. The short exit level for Satyam is placed at 454.55.

There are seven uptrend and three down trend counters in the top-10 tradable list. Except Tata Steel and BHEL, other uptrend counters are likely to be under threat for Thursday's trading. Three buying opportunities are likely to exist in Centuritex, ACC and TCS. On the other hand, there are ample selling opportunities for Thursday's trading.

The best among them is likely to be selling in Bank of India. 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 minor changes. However, the ranking of the top-10 tradable list had no changes. ACC gave way to SAIL.

There are eight uptrend counters and two downtrend counters in the top-10 tradable list. Five uptrend and two downtrend counters are under threat for Thursday's trading. Two buying opportunities are likely to exist in Satyam and TCS.

Three opportunities exist in sell side. The best among them is likely to be selling in Infosys. This counter is in uptrend. Bear move on Thursday is likely to reverse the prevailing trend in this counter. The short exit level for Satyam is placed at 747.15.

(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.