The Hindu Business Line : Bulls prevail

The sentiment reading of the tradable counters stands bullish. Bear domination on Friday is likely to change the sentiment reading to bearish. On the other hand, the prevailing bullish sentiment is likely to continue with added strength.

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Nifty futures recommendation: The near month April contract opened with a bear gap of 7 points and went further down by another 10 points. Bears failed to capitalise on it as they yielded to bull pressure. The April contract moved within a band of 35 points. It closed with a gain of 15 points over Wednesday's close.

Thursday's market action had no impact on the recommended levels. Bullish trigger level for the April contract is within 16 points from the last traded value. Bull move on Friday is likely to initiate a fresh uptrend in the April contract. Bearish trigger 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. ICICI Bank gained entry with the exit of Union Bank.

The ranking of the list had major changes. Tata Steel moved to the second position followed by Tata Motors and Reliance.

Bear pressure on Friday is likely to terminate most of the uptrend counters in the list. On the contrary, the downtrend in CNX IT and PNB is likely to be under threat. Bulls are likely to have opportunity in four counters. A lone selling opportunity is likely to exist in ONGC.

Buying in State Bank is likely to be the best for Friday's trading. Bullish trigger lever for this counter is placed closer to the current level. Bull move on Friday is likely to trigger the uptrend in State Bank.

Cash segment: The composition of the top-10 tradable list in this segment had a change. ICICI Bank gained entry with the exit of PNB. The downtrend in PNB is likely to terminate at 380.05.

For Friday, most of the counters in the list are likely to be under threat. Bears are unlikely to have any opportunity for Friday's trading. Buying opportunities are likely to exist in ICICI Bank, Infosys and State Bank. Buy level for State Bank is placed closer to the last traded price. Bull pressure on Friday is likely to initiate a fresh uptrend in State Bank.

(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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