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K. Premkumar

THE sentiment reading of the tradable counters continue to remain bullish despite volatile movement during Thursday's trading activity.

Bear domination on Friday is likely to change the sentiment reading in their favour. On the contrary, the prevailing bullish sentiment is likely to be further strengthened with additional counters.

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Nifty futures recommendation: The November contract opened with a bull gap of around nine points. It moved within a range of 28 points and closed with a loss of around 10 points from its previous close.

The long position in the November contract remains intact. The exit and sell levels for the November contract are placed quite far away. In the normal course of trading these levels are unlikely to be triggered.

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

All the uptrend counters in the list are likely to be under threat for Friday's trading. A lone downtrend counter Ranbaxy is likely to be terminated. Two buying opportunities are likely to exist in SBI and ICICI. On the other hand, there are ample selling opportunities for Friday's trading. The best for Friday's trading is likely to be selling in ICICI. Bear pressure on Friday is likely to initiate a fresh downtrend in it.

Cash segment: The composition of the list had no changes. The ranking of the list had minor changes. SBI and Reliance interchanged their positions.

All the uptrend counters in the list are likely to be under threat. A lone downtrend counter Ranbaxy is likely to be terminated. There are 4 buying opportunities and selling opportunities are likely to exist in 5 counters. The best for Friday's trading is likely to be selling in Infosys. Bear domination on Friday is likely to trigger the sell level in Infosys.

(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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