The Hindu Business Line : Bulls prevail

The sentiment reading of the tradable counters continues to remain bullish. 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 bull gap of around 12 points and went up further by 48 points, making an intra-day high of 4,031.90. The April contract moved within a range of around 52 points. It closed with a gain of around 30 points from its previous close.

The long position in the April contract remains intact, locking in a decent profit of 90 points. The long exit and short entry levels are placed far from its last traded price and unlikely to be triggered during Thursday's trading activity.

STOCK FUTURES

The composition of the top-10 tradable list remains intact. There is a minor change in the ranking. TCS and Century Tex interchanged their positions. The top-three tradable counters in this segment were Tata Steel, SBI and Reliance. The long exit level for ACC and BHEL is placed at 776.80 and 2,540.10 respectively.

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Most of the counters in the top-10 tradable list are in uptrend. All the downtrend counters and three uptrend counters are under threat for Thursday's trading. There are four selling and three buying opportunities for Thursday's trading. The best among them is likely to be selling in Reliance Capital. This counter is in uptrend. Bear move on Thursday is likely to change the trend.

CASH SEGMENT

There is no change in the composition and ranking of the top-10 tradable list. There are five uptrend and four downtrend counters in the top-10 tradable list. Most of the counters in the top-10 tradable list are under threat for Thursday's trading. There are equal numbers of opportunity on both sides of trading. The best opportunity is likely to exist in selling TCS. This counter is in sideways. Bear move on Thursday has a potential to initiate a fresh downtrend 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.