The Hindu Business Line : Bears prevail

BEARS prevailed over Thursday's trading activity. The sentiment reading of the tradable counters remains bearish. A bull move on Friday is likely to change the sentiment reading in their favour. On the contrary, the bearish sentiment is likely to be strengthened with additional counters.

Nifty Futures Recommendation The February month contract opened with a bear gap of around two points and went further down by 29 points, making an intra-day low of 2,945.05. The contract moved within a range of 43 points. It closed with a loss of two points from its previous close.

The long position in the contract remains intact. The exit and sell levels are placed quite far away from the last traded price. These levels are unlikely to be triggered during Friday's trading.

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Stock Futures Recommendation The composition of the top 10 tradable list had no changes. However, the ranking had minor changes. Ranbaxy and Infosys swapped positions. The top-three tradable counters in this segment were State Bank, Tata Steel and Reliance Capital.

Both the up trend counters in the top 10 list are likely to be under threat for Friday's trading. Most of the downtrend counters are likely to be under threat. There are six opportunities on the buy side. The best bet for Friday is likely to be buying in Reliance. This counter is in a downtrend. Bull pressure on Friday is likely to reverse the current trend in this counter.

Cash Segment The composition and ranking of the top-10 tradable list had no changes. The up trend counters, Tata Steel and Maruti, are likely to be terminated during Friday's trading. On the other hand, five downtrend counters are under threat for Friday's trading. There are five opportunities on the bull side. The best bet is likely to be buying in Reliance. The buy level of Reliance is likely to be triggered during Friday's trading activity.

(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.