The Hindu Business Line : Bull domination

Bulls dominated over Thursday's trading activity. The sentiment reading of the tradable counters turned bullish. 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.

Nifty futures: The March month contract opened with a bull gap of around four points. It moved with in a range of around 33 points making an intraday high of 3,210. March contract closed with a gain of around 38 points from its previous close.

The long entry level for the March contract is placed quite nearer and the short entry level is placed far away from its last traded price. Bull move on Friday is likely to initiate a fresh uptrend in the March contract.

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Stock futures: The composition and the ranking of the top-10 tradable list had minor changes. Tata Steel went out of the list and gave way to ACC.

Ranking had total revamp. The top-3 tradable counters in this segment were Reliance, Tata Steel and State Bank.

All the existing positions in the top-10 tradable list are likely to be under threat for Friday's trading. There are lots of opportunities on either side of trading. The best is likely to be buying in Maruti. This counter is in down trend. Bull move on Friday 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. Hind Lever and L&T went out of the list and gave way to State Bank and Tata Steel. Satyam and Reliance Capital moved up to fifth and seventh positions and Titan moved down to tenth position.

Both the uptrend and downtrend counters in the list are likely to be terminated during Friday's trading. Bulls are likely to have four opportunities and bears are likely to have five opportunities for Friday's trading.

The best is likely to be buying in Maruti. Bull pressure on Friday is likely to trigger the uptrend in Maruti.

(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.