The Hindu Business Line : Bull domination

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

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Nifty Futures recommendation: During the open of Thursday's trading, the July contract lost around 7 points. Thereafter, bulls gained control and wiped out their early losses. The July contract moved within a band of 30 points registering an intra-day high of 1532.95. It closed with a gain of 21 points with respect to Wednesday's close.

Bear pressure during the initial hour initiated the downtrend in the July contract. However, the initiated short position was terminated during the day. The short trade exited with a loss of 26 points. Bullish trigger for the July contract has been moved closer. Bull pressure on Friday is likely to initiate the uptrend in the July contract. Bearish trigger level for the July contract is placed slightly far away.

Stock Futures recommendation: The composition as well as the ranking of the top-10 tradable list in this segment remains unchanged. The top three traded counters in this segment were Tata Steel, Reliance and Tata Motors. The exit level for the uptrend in Infosys is placed at 1418.75.

Bull domination on Friday is likely to terminate the downtrend in ONGC and Reliance. On the other hand, the uptrend in CNX IT and State Bank are likely to be under threat.

Bulls are likely to have opportunities in as much as seven counters.

Selling opportunities are likely to exist in four counters. Buying in Satyam is likely to be the best for Friday's trading. Bullish trigger level for this counter is placed just above its last traded price.

Bull pressure on Friday is likely to initiate the uptrend in Satyam.

Cash segment: There were no new entries or exits to the top-10 tradable list. The ranking of the list too remains unchanged.

Bears were successful in initiating the downtrend in the recommended counter-Maruti.

Except for the uptrend in SAIL and Tata Steel, all the counters in the list are likely to be under threat. For Friday, five opportunities are likely to exist in on either side of trading. Buying in Satyam is likely to be the best bet for Friday's trading. This counter is in the sideways mode and has closed at 326.00.

Bull move on Friday has the potential to trigger the uptrend in Satyam.

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.