The Hindu Business Line : Bulls prevail

THE sentiment reading of the tradable counters stands bullish. Irrespective of bull or bear domination on Friday, the prevailing bullish sentiment is likely to continue with a slight change in its value.

Nifty futures recommendation: During the open of Thursday's trading the June contract lost around 15 points. Later on, bulls made a strong comeback and wiped out their early losses. June contract moved within a band of 45 points. It closed higher with a gain of 29 points.

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Stock futures recommendation: There were no new entries or exits to the top-10 tradable list. The ranking of the list had some changes. Satyam moved to the second position and Reliance moved to the fifth position.

Trading activity in ACC was quite hectic on Thursday with more than 6,400 trades.

For Friday, the uptrend in the CNX-IT and the downtrend in State Bank are likely to be under threat.

Buying opportunities are likely to exist in Reliance, State Bank and Tata Steel. A lone selling opportunity is likely to exist in CNX-IT.

The best among the above is likely to be Reliance. Bullish trigger level for this counter is placed within a rupee from its last traded price. Bull pressure on Friday is likely to initiate the uptrend in Reliance.

Cash segment: The composition of the top-10 tradable list remains intact. The ranking of the list too remains the same.

The uptrend in Canara Bank is likely to be terminated at Rs 124.60.

Bull pressure on Friday is likely to terminate the lone downtrend counter - State Bank. On the other hand, the uptrend in Infosys is likely to be under threat.

Bulls are likely to have opportunity in GAIL, Reliance, State Bank and Tata Steel. A lone selling opportunity is likely to exist in Infosys.

Buying in Reliance is likely to be the best bet for Friday's trading. Buy level for this counter is placed quite closer to its current level. Bull move on Friday is likely to trigger the uptrend in Reliance.

(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.