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K. Premkumar

BULLS are in total control of Thursday's trading activity. The sentiment reading of the tradable counters remains strongly bullish. Bear domination on Friday has the potential to change the sentiment reading in their favour.

Nifty futures recommendation: The near month September contract opened with a bull gap of seven points and went up by another 18 points making an intra-day high of 2448.80. Bears are unable to make any impact during the days trading. The September month contract moved within a band of 28 points. It closed with a gain of around 24 points from its previous close.

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The day's move had no impact on the recommended level. The exit and short trigger levels for the September contract are placed at the same level. Friday's market action is unlikely to trigger this recommended level.

Stock futures recommendation: There is a total revamp in the composition and ranking of the top-10 lists. Infosys, ONGC and IPCL entered the top-10 tradable lists pushing out ICICI Bank, Hind Lever and BoB. Tata Steel moved to first position and Reliance energy moved to fifth position followed by Tata Motors and Infosys. The long exit level for BOB is placed at 251.25.

Bear domination on Friday is likely to terminate all the uptrend counters in the list. On the other hand, the lone downtrend counter ONGC is likely to be under threat. Buying opportunities are likely to exist in ONGC, IPCL, Bank of India and Reliance energy. There are seven selling opportunity for Fridays trading. Buying in Reliance Energy is likely to be best for Friday's trading. This counter is in the sideways mode. Bull move on Friday is likely to initiate a fresh up trend in this counter.

Cash segment: The composition and the ranking of the list had minor changes. Zee Tele gained entry into the top-10 tradable lists with the exit of i-flex. Reliance Industries went to the top slot and Infosys moved to fifth position followed by State Bank and SAIL.

For Friday, all the uptrend counters in the list are likely to be under threat. There is ample number of selling opportunities for Friday's trading. Bulls are likely to have opportunity in SAIL and ONGC. Best opportunity for Friday's trading is likely to exist on the long side of ONGC. This counter is in sideways mode. Bull pressure on Friday is likely to trigger a fresh up trend in the recommended counter.

(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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