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K. Premkumar

BULLS extended their domination over Thursday's trading activity. However, sentiment reading of the tradable counters turned neutral. Bull domination on Friday is likely to change the sentiment reading in their favour. On the other hand, the sentiment reading is likely to turn bearish.

Nifty futures recommendation: The June month contract opened around the previous close and moved down by around five points. However, bears were unable to sustain their momentum and gave way to bull domination. The June month contract closed with a gain of around 20 points over the previous close.

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The long position in the May month contract expired with a substantial profit. Bullish level for the June contract is placed quite nearer. Further bull domination on Friday is likely to initiate a fresh uptrend in June contract. Bearish trigger level is still placed quite far away. It is unlikely to be triggered during the normal course of trading on Friday.

Stock futures recommendation: The composition as well as the ranking of the top-10 tradable list remains unchanged. The top-three traded counters in this segment were Reliance Industries, State Bank and Tata Steel.

All the counters in the list are in sideways mode. For Friday, buying opportunities are likely to exist in almost all the counters in the list.

Selling opportunities are likely to exist in six counters. The best among the above is likely to be the buying in Arvind Mills. Bullish trigger level for this counter is placed just one rupee away. Bull move on Friday is likely to initiate a fresh uptrend in this counter.

Cash segment: The top-10 active counters list had no changes. However, the ranking of the list had minor changes. State Bank and Reliance Industries interchanged their positions. SAIL moved up to seventh position, while Tata Motors moved down to eighth position.

The exit level for the downtrend in PNB is placed at 387.55.

The lone downtrend counter - Oriental Bank is likely to be under threat for Friday's trading. On the contrary, bear domination is likely to terminate all the prevailing uptrend counters in the list.

Both buying and selling opportunities are likely to exist in more than five counters. The best is likely to be the buying in Maruti. This counter is in the sideways mode. Buy level for this counter is placed quite nearer to its last traded price. Bull pressure on Friday is likely to initiate fresh uptrend in Maruti.

(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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