The Hindu Business Line : Range-bound movement

The market sentiment reading of the tradable counters stands bullish. Bear domination on Thursday has the potential to change the sentiment reading to bearish. Otherwise, the prevailing bullish sentiment is likely to be further strengthened.

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Nifty futures recommendation: The near month February contract opened twelve points below its previous close and went further down by another 4 points. Later on, bulls managed to make a partial recovery. The February contract moved within a close band of 15 points registering an intra-day high of 2066.00. It closed with a loss of 10 points with respect to previous close.

The day's market action had no impact on the recommended levels.

Fresh entry levels are given for the March contract. Bullish trigger level for the March contract is placed slightly closer to its current level. Bull move on Thursday is likely to initiate the uptrend in the March contract.

Stock futures recommendation: The composition of the top-10 tradable list remains unchanged. The ranking of the list underwent a change. State Bank and Satyam interchanged their positions. The top three traded counters in this segment were Reliance, Tata Steel and State Bank.

For Thursday, most of the counters in the list are likely to be under threat. Fresh entry levels for all the counters are given for the March contract.

Six opportunities are likely to exist on either side of trading.

Selling in ACC is likely to be the best for Thursday's trading. This counter is in the uptrend. The exit and bearish trigger levels for this counter is placed very close to its last traded value. Bear pressure on Thursday is likely to reverse the uptrend in ACC.

Cash segment: The top-10 tradable list in this segment underwent a change. Tata Motors gained entry with the exit of ING Vysya. Reliance moved to the fourth position followed by Maruti and Tata Steel. The downtrend in ING Vysya is likely to be terminated at 199.05.

Except for the downtrend in Tata Tele, all the other counters in the list are likely to be under threat.

Bears are likely to have opportunity in seven counters. Buying opportunities are likely to exist in four counters. The best bet for Thursday's trading is likely to be the selling in Tata Motors. Sell level for this counter is placed quite closer to its current level. Bear move on Thursday is likely to trigger the downtrend in Tata Motors.

(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.

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