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K. Premkumar

BULLS bounced back from Wednesday's setback leaving the bears with no opportunity to recover. The Wednesday's mild bullish sentiment reading got strengthened. Bear domination on Friday is likely to turn the sentiment reading in its favour. On the other hand, the prevailing bullish sentiment is likely to be continued.

Nifty Futures Recommendation: The September month contract opened with a bull gap of 6 points and made steady gains during the day's trading. Bulls left no chance for bears to regain. The September contract had an intraday range of 34 points. It closed with a gain of around 34 points from Wednesday's close.

The long trade entered almost 16 days ago still continues and is locked up with a profit of around 140 points. The exit and sell levels for the September contract are still placed far away. In the normal course of trading on Friday these levels are unlikely to be triggered.

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Stock Futures Recommendation: The composition as well as ranking of the top-10 active counters list remains intact. Reliance, VSNL and SBIN are the three most actively traded counters in this segment.

All the positions in the list are likely to be under threat for Friday's trading. Selling opportunities are likely to exist in four counters. ONGC and Satyam are likely to have buying opportunities for Friday's trading. The best among the above is likely to be the buying in ONGC. This counter is in the sideways mode. Bull move on Friday is likely to initiate fresh uptrend in ONGC.

Cash Segment: The composition of the top-10 tradable counters had changes. SBIN and SRF gained entry in the place of Visual Soft and Flex Industries. The ranking of the list had a minor change. Rolta and Scandent interchanged their ranks. The exit levels for the uptrend in Infosys, Tata Motors and Visual Soft are placed at 2434.95, 518.55 and 204.15, respectively. The downtrend in Flex Industries is likely to be terminated at 100.30.

For Friday's trading, all the uptrend counters are under threat. On the contrary, the downtrend in Reliance and Satyam faces threat. Buying opportunities are likely to exist in three counters. A lone selling opportunity is likely to exist in SRF. The best bet is likely to be the buying in Satyam. This counter is in the downtrend. Bull pressure on Friday is likely to reverse the prevailing downtrend in Satyam.

(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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