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K. Premkumar

BEARS dominated the Friday's trading activity.

The sentiment reading of the tradable counters stands bearish. Bull domination on Monday has the potential to neutralise the sentiment reading.

Click here for table

On the contrary, the prevailing bearish sentiment is likely to be continued with additional counters.

Nifty futures recommendation: The October month contract opened with a Bear gap of around 26 points and further went down by another 27 points.

The October month contract moved with in a range of 51 points making an intraday low of 2481.10. It closed with a loss of around 48 points from Thursday's close.

The short position in the October month contract is locked up with a profit of around 23 points. The exit and buy levels for the October month contract are still placed quite far away. These levels are unlikely to be triggered during Monday's trading activity.

Stock futures recommendation: The composition of the list had no changes. However, ranking of the top-ten tradable list had minor changes. Infosys moved to the fourth position followed by IPCL. The exit level for BOB is placed at 232.90. The top three tradable counters in this segment were Tisco, Reliance and State Bank.

There are no uptrend counters in the list. Bull domination on Monday is likely to terminate the downtrend in most of the counters in the list. Infosys is likely to be the lone opportunity on the buying side. Selling opportunities are likely to exist in State Bank, IPCL, and Tata Motors. The best for Monday's trading is likely to be selling in IPCL. This counter is in uptrend. Bear pressure on Monday is likely to reverse the trend in this counter.

Cash segment: The composition and ranking of the top-10 tradable list had minor changes. India Bulls gave way to the Tata Steel in to the top-10 tradable list. Reliance Industries occupied third position and Mcdowell to fourth position. The exit level for the downtrend in India Bulls is placed at 185.85.

The downtrend in Reliance Capital, Reliance Industries, Satyam and Infosys are likely to be terminated during Monday's trading. Buying opportunities are likely to exist in Sesa Goa and Infosys. SRF is the lone counter having opportunity on the bear side. The best for Monday's trading is likely to be the selling in SRF Ltd. Bear pressure on Monday is likely to trigger the downtrend in this 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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