The Hindu Business Line : Bear domination

Bear dominated over Thursday's trading activity. The sentiment reading of the tradable counters turned neutral. Bear domination on Monday is likely to turn the sentiment reading on their favour.

Nifty futures: The April month contract opened with a bull gap of around 11 points and it went up further by 23 points. However, bulls could not capitalise on the initial move and gave way to bears during the later part of the day's trading.

April contract moved with in a range of around 94 points making an intra-day low of 3451.10. It closed with a loss of around 54 points from its previous close.

The long position in the April month contract is intact. The long exit and the 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 Monday.

Stock futures: The composition of the top-10 tradable list had no changes. However, the ranking of the list had minor changes. Hind Lever and iFlex interchanged their positions. IPCL and Satyam interchanged their positions.

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All the uptrend counters in the top-10 tradable list are likely to be terminated during Monday's trading. There are three opportunities on the sell side.

The best is likely to be selling in Infosys. This counter is in uptrend. Bear pressure on Monday is likely to trigger the downtrend in this counter.

Cash segment: The composition and the ranking of the top-10 tradable list had no changes. All the uptrend counters in the top-10 tradable list are likely to be under threat for Monday's trading.

There are no opportunities on the buy side. On the other hand, there are four opportunities on the sell side.

The best is likely to be selling in Infosys. Bear pressure on Monday 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.