The Hindu Business Line : Bull domination

BULL dominated over Friday's trading activity. The sentiment reading of the tradable counters changed to bullish. Bear pressure on Monday is likely to change the sentiment reading in their favour. On the contrary, the bullish sentiment is likely to be strengthened.

Nifty futures: The February month contract opened with a bull gap of around 5 points. The February month contract moved with in a range of around 29 points making an intraday high of 3024.90. It closed with a gain of around 28 points from its previous close.

The short position in the February month contract exited and entered long in the morning session. The exit and sell levels for the February month contract are placed quite far away from its last traded price. In the normal course of trading, these levels are unlikely to be triggered during Monday's trading.

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Stock futures: The composition of the top-10 tradable list had no changes. However, the ranking of the list had minor changes. Infosys and Satyam interchanged their positions. The top-3 tradable counters in this segment were Titan, Hindlever and Can Bank.

All the uptrend counters in the top-10 tradable list are likely to be under threat for Monday's trading.

On the other hand, two down trend counters are likely to be terminated. There are two opportunities on the buy side and five opportunities on the sell side.

The best for Monday is likely to be selling in State Bank. This counter is in up trend. Bear pressure on Monday is likely to reverse the existing trend in this counter.

Cash segment: The composition and the ranking of the top-10 tradable list had minor changes. Titan went out of the list and gave way to ONGC. VSNL and ICICI Bank interchanged their positions.

All the uptrend counters in the top-10 tradable list are likely to be under threat for Monday's trading. On the other hand, Tata Steel is likely to be terminated. There is a lone opportunity on the buy side and ample opportunities on the sell side.

The best is likely to be selling in ONGC. This counter is in up trend. Bear pressure on Friday is likely to reverse the existing 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.