The Hindu Business Line : Bulls prevail

Bulls prevailed over Thursday's trading activity. The sentiment reading of the tradable counters remains bullish. Bear domination on Friday is likely to change the sentiment reading on their favour. On the contrary, the prevailing bullish sentiment is likely to be further strengthened with additional counters.

Nifty futures: The April month contract opened with a bull gap of around 11 points. It moved with in a range of around 39 points making an intra-day high of 3403.40. April contract closed with a gain of around 35 points from its previous close.

The long position in the March month contract is exited due to expiry. The fresh entry level is given for April contract. The long entry and short entry levels are placed quite far away from its last traded price.

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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. The ranking of the list had a revamp except State Bank and Satyam. The top-3 tradable counters in this segment were Ranbaxy, VSNL and SRF.

Most of the counters exited due to expiry. The other existing positions in the counters are likely to be under threat for Friday's trading. There are ample opportunities on either side of the trading. The best is likely to be selling in Reliance. This counter is in side ways mode. Bear pressure on Friday is likely to trigger the downtrend in this counter.

Cash segment: The composition of the top-10 tradable list had no changes. However, the ranking of the list had minor changes. Satyam occupied sixth position pushing down Hind Lever and Tata Steel to seventh and eighth positions, respectively.

All the counters in the top-10 tradable list are likely to be terminated during Friday's trading. There are two opportunities on the buy side and five opportunities on the sell side. The best is likely to be buying in Maruti. Bull 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.