The Hindu Business Line : Bulls prevail

Bear domination on Friday is likely to change the sentiment reading in their favour. On the contrary, the prevailing bullish sentiment is likely to be further strengthened.

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Nifty futures recommendation: The April month contract moved within a band of 27 points. Bulls were in total control of the day's proceedings. The April contract closed higher with a gain of 23 points.

The March contract expired and the short position in this contract is likely to be closed out at 1,704.55. This leaves the trade with a profit of 42 points. Bullish trigger level for the April contract is now placed very close to its current level. Bull pressure on Friday is likely to initiate the uptrend in this counter.

Stock futures recommendation: The top-10 tradable list underwent a change. M&M gained entry with the exit of Reliance. The ranking of the list had a total revamp. Thursday's market action resulted in triggering the uptrend in the recommended counter - Satyam.

None of the counters in the list are in the downtrend. Except for GAIL, all the other counters in the list are likely to be safe.

Bulls are likely to have opportunity in five counters. Selling opportunities are likely to exist in two counters. Buying in State Bank of India is likely to be the best for Friday's trading. This counter is in the sideways mode and it has closed at Rs 450. Its buy level is placed quite closer to this level. Bull move on Friday is likely to trigger this level.

Cash segment: There were no new entries or exits to the top-10 tradable list. Tata Motors moved to the third position followed by Reliance and Maruti. The day's move had no impact on the recommended counter — ONGC.

Bull domination on Friday could be a threat to the downtrend in Tata Motors and Tata Steel. On the contrary, the uptrend in GAIL is likely to be terminated. For Friday, opportunities are likely to exist in IPCL and ONGC on either side of trading. The best bet is likely to be the selling in ONGC. Its bearish trigger level is placed closer to its last traded value. Bear pressure on Friday is likely to initiate the downtrend 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.