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K. Premkumar

BEARS gained control of Thursday's trading activity. Bulls failed to make any impact during the day's trading. Neither the bulls nor the bears could gain much from the day's trading. The market sentiment reading of the tradeable counters remains neutral. Bull domination on Friday is likely to change the sentiment reading in their favour. Otherwise, the sentiment reading is likely to turn bearish.

Nifty futures recommendation: Initially, the September contract gained five points. Thereafter, bears took over control of the day's proceedings. The September contract moved within a band of 25 points. The September contract closed with a marginal loss of 3 points with respect to previous close.

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Bear move during the day led to the termination of the uptrend in the August contract. The long trade exited with a substantial profit of 112 points. Fresh entry levels are given for the September contract. Bull domination on Friday has the potential to initiate the uptrend in the September contract.

Stock futures recommendation: The composition as well as the ranking of the top-10 tradeable list remains intact. None of the counters in the list are in downtrend. The prevailing uptrend counters in the list are likely to be safe.

Traders are left with ample opportunities for Friday's trading. Bears are likely to have opportunity in four counters. Buying opportunities are likely to exist in five counters. Selling in ACC is likely to be the best bet for Friday's trading. Its sell level is placed closer to its current level. Bear move on Friday is likely to trigger this level.

Cash segment: There were no new entries or exits to the top-10 tradeable list.

The ranking of the list too remains the same with no major change. Bear domination on Friday is likely to terminate the uptrend in Infosys and State Bank. The prevailing downtrend counters in the list are likely to be safe.

Selling opportunities are likely to exist in Reliance Industries, SAIL, State Bank and Zee Tele. A lone buying opportunity is likely to exist in Tata Motors.

The best among the above is likely to be Tata Motors. This counter is in the sideways mode.

Bull pressure on Friday is likely to initiate the uptrend 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 Chennai-based technical analyst and fund management consultant.

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