The Hindu Business Line : Bulls surge ahead

BULLS dominated the market during Thursday's trading. Bears could not have any say in the proceedings. The sentiment reading of the tradable counters remains bullish. Bear domination on Friday is, however, likely to neutralise the sentiment reading. On the contrary, the bullish sentiment reading is likely to be further strengthened.

Nifty futures recommendation: The January contract opened higher with a gap of around 6 points and further moved up by 34 points. Bears could not make any impact during Thursday's trading. The Intra-day movement was around 38 points. It closed higher for the day with a gain of 39 points from Wednesday's close.

The uptrend in the January contract remains intact. In spite of Bear domination on Friday the uptrend in January contract is unlikely to be disturbed.

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Stock futures recommendation: The composition and the ranking of the top-10 tradable list remained unchanged. The exit levels for the uptrend in Hind Petro and Infosys is placed at 435.10 and 5632.10 respectively.

None of the counters in the list are in downtrend. Bear domination on Friday is likely to be a threat to the uptrend in CNXIT, Reliance Industries and Tata Motors. Maruti, Ranbaxy and Satyam Computers are likely to have buying opportunities for Friday's trading. CNXIT is likely to be the lone selling opportunity for Friday's trading. Satyam Computers is likely to be the best buying opportunity. It is in sideways mode. Its buy level is placed quite closer to its last traded price. Bull pressure on Friday is likely to initiate fresh uptrend in this counter.

Cash segment: The composition and the ranking of the top-10 tradable list in this segment had no changes. None of the counters in the list are in downtrend. Bear domination on Friday has the potential to terminate all the uptrend counters in the list except Gail. Five out of the top-10 in the tradable list are likely to have the buying opportunities for Friday. Bears have the lone selling opportunity in Reliance Industries. The best bet is likely to be buying in Satyam Computers. Its buy level is quite nearer to its last traded price. Bull pressure on Friday is likely to initiate fresh 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.