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K. Premkumar

BULLS gained control of Thursday's trading, thereby terminating the three-day-long bear-run. The day's market action resulted in terminating most of the downtrend counters in the list. The sentiment reading of the tradable counters stands mildly bearish. Bull move on Friday is likely to change the sentiment reading to bullish. On the contrary, the prevailing bearish sentiment is likely to be strengthened further.

Nifty futures recommendation: During the open, the September month contract lost around five points. Later on, bulls took charge of the day's proceedings. The September contract moved within a band of 41 points. It closed higher with a gain of 35 points over the previous close.

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Bull domination during the day led to the termination of the downtrend in the August contract. The short trade exited with a profit of 39 points. Bullish entry for the September contract is placed just above the last traded value. Bull pressure on Friday is likely to trigger a fresh uptrend in September contract. Sell level for the September contract is placed far away.

Stock futures recommendation: The composition of the top-10 tradable counters' list had major changes. BOB, Hind Lever, ICICI Bank, IPCL and REL gained entry to the list.

The trailing positions in the expired August contract would be automatically closed-out with the respective underlying cash market price. Except for Tata Motors, all the other counters in the list are in the sideways mode. Bears are likely to have opportunity in nine counters.

Buying opportunities are likely to exist in eight counters.

Selling in Hind Lever is likely to be the best for Friday's trading. Bearish trigger level for this counter is placed within a rupee from the closing value. Bear pressure on Friday is likely to initiate a fresh downtrend in Hind Lever.

Cash segment: There were no new entries or exits to the top-10 tradable list. The ranking of the list had few changes. SAIL moved to the fourth position and Infosys to the eighth position.

Except for the downtrend in i-Flex and Tata Motors, all the other counters in the list are likely to be under threat. Buying opportunities are likely to exist in five counters. Selling opportunities are likely to exist in three counters.

Buying in Reliance is likely to be the best for Friday's trading. This counter is in the sideways mode. Buy level for this counter is placed quite closer to the current level. Bull move on Friday has the potential to trigger the uptrend 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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