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K. Premkumar

BULLS dominated the trading activity on Friday. Bears could not halt the bull domination. The bull domination during the day further strengthened the sentiment reading of the tradable counters in their favour. Bear domination on Monday is likely to neutralise the prevailing sentiment reading. On the contrary, the sentiment reading is likely to remain bullish.

Nifty futures recommendation: Market opened around one point higher than previous close and then never looked back. Bears were unable to put breaks to bull run. The intra-day movement was around 26 points. It closed higher for the day with a gain of around 27 points from Thursday's close.

The uptrend in December contract continued unchallenged on Friday. Both the exit and bearish levels are placed quite far away. It is unlikely to be triggered on Monday.

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Stock futures recommendation: The composition of the top-10 tradable list remained undisturbed. However, the ranking of the list had a minor change. Hindustan Petro moved up to seventh place from the ninth place while State Bank occupied ninth place.

All the counters in the list are in uptrend. Bear domination on Monday is likely to terminate almost all the uptrend counters in the list except CNXIT and Tata Steel. Six out of the top-10 counters in the list are likely to have bearish opportunities on Monday. The best bet is likely to be selling in Maruti. Its sell level is placed quite nearer to its closing price. Bear pressure on Monday is likely to reverse the prevailing trend in this counter.

Cash segment: The composition of the top-10 tradable list is unchanged. However, ranking had a minor shuffle. Digital and Maruti interchanged their positions.

The lone downtrend counter — Digital is likely to be under threat for Monday. Bear domination on Monday is likely to terminate uptrend in Infosys, Maruti, Reliance Industries, Satyam Computers and Tata Engg. Bearish opportunities are likely to exist in Infosys, Maruti and Satyam Computers. Digital is likely to have buying opportunity on Monday. The best is likely to be selling in Maruti. Its sell level is quite closer to its last traded price. Bear domination on Monday is likely to reverse the 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 Chennai-based technical analyst and fund management consultant.

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