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K. Premkumar

BULLS were in total command of Thursday's trading activity. Their dominance resulted in terminating most of the downtrend counters. The sentiment reading of the tradable counters stands mildly bullish.

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

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Nifty futures recommendation: The April month contract opened with a bull gap of five points and went further by another 32 points.

Bears managed to make a partial recovery. The April contract closed with a gain of around 26 points over Wednesday's close.

The short position in the March contract expired. The position is likely to be closed-out at 2035.65. This leaves the short trade with a profit of around 70 points.

Bullish entry level is placed quite closer to the current level. Bull move on Friday is likely to initiate a fresh uptrend in the April contract. Bearish level for the April contract is placed quite far away.

Stock futures recommendation: The composition of the top-10 active counters list underwent a change.

The ranking of the list remains unchanged. The top three traded counters in this segment were Reliance, State Bank and Satyam. The exit level for the uptrend in Infosys is placed at Rs 2176.95.

None of the counters in the list is in the downtrend. Bear move on Friday could be a threat to the prevailing uptrend counters in the list.

Four opportunities are likely to exist in either side of trading.

Selling in Tata Steel is likely to be the best bet for Friday's trading. Bearish trigger level for this counter is placed closer to the last traded price. Bear pressure on Friday is likely to trigger the downtrend in Tata Steel.

Cash segment: There were no new entries or exits to the top-10 tradable list. The ranking of the list had a minor change. Bank of India and Satyam interchanged their positions.

Bear pressure on Friday is likely to terminate the three uptrend counters in the list.

On the other hand, the downtrend in Reliance and Tata Steel are likely to be under threat. Buying opportunities are likely to exist in Reliance and SAIL. Selling opportunities are likely to exist in State Bank and Tata Motors.

Buying in Reliance is likely to be the best bet for Friday's trading. This counter is in the downtrend. Bull move on Friday has the potential to reverse the prevailing downtrend 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.

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