The Hindu Business Line : Bulls prevail

Bulls prevail over Thursday's trading activity. The sentiment reading of the tradable counters remains bullish. Bear pressure 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.

Nifty futures: The March month contract opened with a bull gap of around 11 points and went further up by 37 points. The March month contract moved with in a range of around 45 points making an all time high of 3149.8. It closed with a gain of around 32 points from its previous close.

The long position in the March contract is intact. The long exit and short entry levels are placed quite far away from its last traded price. In the normal course of trading, these levels are unlikely to be triggered during Friday.

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Stock futures: The composition and the ranking of the top-10 tradable list had minor changes. ICICI went out of the list and gave way to BOB. Ranking of the list had a total revamp. The top-3 tradable counters in this segment were Maruti, Tata Motors and State Bank.

There are no down trend counters in the list. All the uptrend counters in the top-10 tradable list are likely to be under threat for Friday's trading. There are ample selling opportunities on the sell side. Best is likely to be selling in Infosys. This counter is in up trend. Bear pressure on Friday is likely to initiate a fresh down trend in this counter.

Cash segment: The composition of the top-10 tradable list had no changes. The ranking of the top-10 tradable counters had minor changes. L&T and Titan, Infosys and VSNL, Satyam and Tata Steel interchanged their positions.

All the uptrend counters in the top-10 tradable list are likely to be under threat for Friday's trading. There are ample opportunities exist on both side. The best is likely to be selling in L&T. This counter is in up trend. Bear pressure on Friday is likely to reverse the current 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.