The Hindu Business Line : Bulls prevail

Bulls prevailed over Wednesday's trading activity. The sentiment reading of the tradable counters remains 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 July month contract opened with a bear gap of around eight points from Tuesday's close. However, bears could not sustain the initial momentum and gave way to bulls. The July month contract moved within a range of around 104 points making an intraday high of 3020.30. It closed with a gain of around 65 points from its previous close.

The long position in the July month contract remains intact. The exit level for the July month contract is placed at 2998.30. Fresh short entry level is given for August contract.

Stock futures

The composition and ranking of the top-10 tradable list had no changes. The top-three tradable counters in this segment were ONGC, Reliance and Tata Steel.

Most of the counters in the list are in uptrend. There are two downtrend counters in the tradable list. All the counters in the tradable list are likely to be under threat during Thursday's trading. For all counters, exit levels are given for July month contract and entry levels are given for August month contract. Bear move on Thursday is likely to initiate a fresh downtrend in most of the counters in the August month contract.

Cash segment

The composition and ranking of the top-10 tradable list had no changes. There are no downtrend counters in the list. All the uptrend counters in the list are likely to be under threat for Thursday's trading.

There are ample selling opportunities for Thursday's trading.

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The best is likely to be selling in Tata Steel. This counter is in uptrend. Bear move on 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.