The Hindu Business Line : Bull domination

BULLS dominated over Thursday's trading activity. The sentiment reading of the tradable counters turned to bullish. Bear domination on Friday is likely to change the sentiment reading in its favour. On the contrary, the sentiment reading is likely to change to bearish.

Nifty futures recommendation: The November contract opened with a bull gap of around 11 points. The November contract moved with in a range of 32 points making an intra-day high of 2651.90. It closed with a gain of around 35 points from its previous close.

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

Stock futures recommendation: The composition of the top-10 tradable list had no changes. However, the ranking of the list had minor changes. IPCL and Tata Motors interchanged their positions. ICICI Bank and ONGC interchanged their positions. The top three tradable counters in this segment were Reliance, Tata Steel and State Bank.

All the uptrend counters in the Top-10 tradable list are likely to be under threat for Friday's trading. There are no downtrend counters in the list.

Click here for table

Buying opportunities are likely to exist in four counters in the list. There are ample selling opportunities on the bear side.

The best for the Friday is likely to be buying in IPCL. This counter is in side ways mode. Bull pressure on Friday is likely to initiate a fresh up trend in this counter.

Cash segment: The composition and the ranking of the top-10 tradable list had minor changes. VSNL went out of the list and gave way for Tata Steel. Reliance Capital and Titan interchanged their positions. State Bank and Satyam interchanged their positions.

All the uptrend counters in the list are likely to be under threat for Friday's trading. On the other hand bull pressure on Friday is likely to terminate downtrend in Ranbaxy is likely to be terminated. A lone buying opportunity is likely to exist in SRF Ltd. There are ample selling opportunities on the bear side.

The best for Friday's trading is likely to be selling in SRF. This counter is in side ways mode. Bear pressure on Friday is likely to initiate a fresh 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.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page