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 its favour. On the contrary, the prevailing bullish sentiment is likely to be further strengthened with additional counters.

NIFTY FUTURES

The November contract opened with a bull gap of around 8 points from its previous close. The November contract moved within a range of around 32 points making an intra-day high of 3966. The November contract closed with a gain of around 35 points from its previous close.

The long position in the November contract remains intact. The long exit and short entry levels are placed quite far away from its last traded price. In the normal course of trading, these levels are unlikely to be triggered during trading on Thursday.

STOCK FUTURES

The composition and the ranking of the top-10 tradable counters had no changes. The top-3 tradable counters in this segment were IVRCL, Reliance and India Cement.

Most of the counters in the top-10 tradable list are in uptrend. Except Century Textiles all other uptrend counters are likely to be under threat for Thursday's trading. On the other hand, lone downtrend counter ACC is likely to be terminated. There are ample selling opportunities and one buying opportunity for Thursday's trading.

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The best bet is likely to be selling in Reliance. This counter is in uptrend. Bear move on Thursday has a potential to trigger the short entry level in this counter.

CASH SEGMENT

The composition and ranking of the top-10 tradable list had no changes.

All the counters in the top-10 tradable list are likely to be under threat for Thursday's trading. There is a lone opportunity on the buy side and ample opportunities on the sell side for Thursday's trading. The best is likely to be selling in ACC. 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.