The Hindu Business Line : Bull onslaught

Nifty futures recommendation: The August contract opened with a bull gap of around nine points and made steady gains during the day's trading. Bulls capitalised the day's entire move leaving the bears with no opportunity to recover.

The August contract closed higher with a strong bullish note.

Bulls were successful in terminating the downtrend in the August contract. The short exited with a loss of 19 points.

Bullish trigger level for the August contract is now placed very closer to its last traded value. Bull pressure on Friday is likely to initiate the uptrend in the August contract.

Stock futures recommendation: There were no entries or exits to the top-10 tradable list. The ranking of the list too remains the same with no major changes.

Bull force on Friday is likely to terminate the downtrend in Maruti, Reliance and State Bank of India. On the other hand, the uptrend in CNX IT is likely to be under threat.

For Friday, seven opportunities are likely to exist on either side of trading.

The best bet is likely to be the buying in Satyam. Bullish trigger level for this counter is placed quite closer to its current level. Bull move on Friday is likely to trigger the uptrend in Satyam.

Cash segment: The composition as well as the ranking of the top-10 active counters list remains intact. Thursday's market action had no impact on the recommend counter — Tata Steel.

Bull move on Friday could be a threat to the prevailing downtrend counters. Otherwise, the uptrend in Infosys and ONGC are likely to be terminated.

Bulls are likely to have opportunity in as much as seven counters. Selling opportunities are likely to exist in four counters.

Buying in M&M is likely to be the best for Friday's trading.

Buy level for this counter is placed just above its closing price.

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

(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.