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K. Premkumar

BULLS were in total command of Friday's trading activity. However, this had little impact on the top-10 tradable counters. The sentiment reading of the tradable counters stands mildly bearish. Further bull pressure on Monday is likely to change the sentiment reading in their favour.

Nifty Futures recommendation: During the open the June-month contract lost three points thereafter bulls took charge of the day's proceedings. The June contract moved within a band of 46 points. It closed higher for the week with a gain of 40 points over Thursday's close.

Bull domination during the day triggered the uptrend in the June contract. The initiated long position is unlikely to be disturbed on Monday. The exit and bearish trigger level for the June contract are placed at the same level.

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Stock Futures recommendation: The composition of the top-10 active counters list had few changes. NTPC and Ranbaxy gained entry with the exit of ACC and Canara Bank. The ranking of the list had a total revamp. The exit level for the downtrend in ACC and Bank of Baroda are placed at 370.15 and 192.85 respectively.

Bull move on Monday is likely to terminate most of the prevailing downtrend counters in the list. On the contrary, the uptrend in Infosys, Reliance and Satyam are likely to be under threat. Buying opportunities are likely to exist in seven counters. Selling opportunities are likely to exist in two counters. For Monday, the best is likely to be the buying in Tata Motors. This counter is in the downtrend. The exit and bullish trigger levels for this counter is placed closer to the last traded price. Bull pressure on Monday has the potential to trigger these levels.

Cash segment: The composition as well as the ranking of the top-10 tradable counters remains intact. Friday's marker action resulted in triggering the uptrend in the recommended counter-Reliance.

Except for the downtrend in SAIL, all the other counters in the list are likely to be under threat. Bulls are likely to have opportunity in five counters. Selling opportunities are likely to exist in two counters. Buying in Tata Motors is likely to be the best bet for Monday's trading. This counter is in the downtrend. The exit and buy levels for this counter is placed closer to the current level. Bull move on Monday has the potential to reverse the prevailing downtrend in Tata Motors.

(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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