The Hindu Business Line : Bears domination strengthened

Bull domination on Friday is likely to change the sentiment reading in their favour. On the contrary, the prevailing bearish sentiment is likely to be strengthened further.

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Nifty futures recommendation: The October month contract opened around its previous level and went up by 4 points.

However, bulls could not capitalise on their initial momentum and gave way to bears during the day's trading.

The October month contract moved with in a range of 67 points. It closed with a loss of around 61 points from its previous close.

The long position in the October month contract exited with the loss of 45 points and again it went to short position. The short position in the October month contract is closed automatically due to the expiry. The buy level for the November month contract is placed quite far away and the sell level is placed quite nearer to the last traded price and it is likely to be triggered during Friday's trading.

Stock futures recommendation: The composition and ranking of the top-10 tradable list had no changes. The top three tradable counters in this segment were Reliance, State Bank and Tata Steel.

A lone buying opportunity is likely in IPCL.

The selling opportunities on the bear side exist in all the counters in the list.

The best for Friday's trading is likely to be the selling in Infosys. Bear pressure on Friday is likely to initiate a fresh downtrend in this counter.

Cash segment: The composition and the ranking of the top-10 tradable list had minor changes. Sesa Goa went out of the top-10 tradable list and gave way for Indiabulls.

State Bank and Ranbaxy interchanged their positions. The short exit level of ITC is placed at 118.55.

A lone uptrend counter Ranbaxy is likely to be terminated. On the other hand, the two downtrend counters in the list are likely to be under threat for Friday's trading.

Buying opportunity is likely in Infosys. There are two selling opportunities for Friday's trading.

The best for Friday's trading is likely to be the buying in Infosys. This counter is in downtrend.

Bull domination on Friday is likely to reverse the prevailing trend 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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