The Hindu Business Line : Bears prevail

Bull domination on Thursday is likely to change the sentiment reading in their favour. On the contrary, the bearish sentiment is likely to be further strengthened with additional counters.

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Nifty Futures recommendation: The January month contract opened with a bear gap of around 20 points. The January month contract moved with in a range of around 43 points making an intra-day low of 2763.30. It closed with a loss of around 8 points from its previous close.

The January month contract entered a fresh short position in the morning session. The exit and buy levels are placed quite nearer from its last traded price. These levels are likely to be triggered during Thursday's trading. The top three tradable counters in this segment were Reliance, Satyam and State bank.

Stock Futures commendation: The composition and the ranking of the top-10 tradable list had no changes. There are no uptrend counters in the list. On the other hand, five down trend counters are likely to be under threat for Thursday's trading. There are six opportunities on the buy side and a lone opportunity on the sell side. The best for Thursday is likely to be buying in State bank. This counter is in down trend. Bull move on Thursday is likely to reverse the existing trend in this counter.

Cash Segment: The composition of the top-10 tradable list had no changes. However, the ranking of the list had minor changes. State bank and VSNL interchanged their positions.

There are no uptrend counters in the list. Six downtrend counters are likely to be terminated during Thursday's trading. There are ample opportunities on the buy side and two opportunities on the sell side. The best bet is likely to be buying in VSNL. This counter is in downtrend. Bull move during Thursday is likely to reverse the existing 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.