The Hindu Business Line : Bulls prevail

Bear move on Thursday has the potential 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 bear gap of around 16 points but unable to sustain its initial momentum, bulls succumbed to bear pressure.

The contract moved within a range of around 65 points with an intra-day high of 4,177. It closed with a gain of around 33 points from its previous close.

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The bull move on April month contract is initiating a fresh uptrend in Nifty futures. The long exit and short entry levels are placed quite far away from its last traded price.

These levels are unlikely to be trigger during Thursday's trading activity.

STOCK FUTURES

The composition of the top-10 tradable list has no changes. However, there is a minor change in ranking.

Bank of India and Century Tex interchanges their positions.

The top-3 tradable counters in this segment were Reliance, Tata Steel and SBI.

Short exit level for BHEL is placed at 2524.05.

Except Satyam and TCS, all other counters in the top-10 tradable list are in uptrend. There are four uptrend counters in top 10 tradable list are under threat for Thursday.

There are two buying and four selling opportunities exits for Thursday's trading.

The best among the above is likely to be selling in Tata Steel or Reliance Capital.

This counter is in uptrend. Bear move on Thursday is likely to change it to downtrend in this counter.

CASH SEGMENT

The composition of the top-10 tradable list has no changes. However, there is a minor change in ranking.

SBI and TCS, ONGC and Zee Tele interchanges their positions.

There are five uptrend and four downtrend counters in the top-10 tradable list. Tata Steel and Tata Motors in top 10 tradable list are under threat for Thursday.

There are five opportunities on buying side and three on selling side for Thursday.

The best candidate is likely to be buying in TCS.

This counter is in downtrend. Bull move on Thursday is likely to reverse the position 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.