The Hindu Business Line : Bulls prevail

Bulls prevailed 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 with additional counters.

Nifty futures recommendation: The April month contract opened with a bull gap of around 11 points. April contract moved within a range of around 64 points making an all-time high of 3591.95. It closed with a gain of around 40 points from its previous close.

The long position in the April month contract remains intact. The exit level is placed with a locked profit of 134 points. The short entry level is 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 recommendation: The composition and the ranking of the top-10 tradable list had minor changes. Bajaj Auto and IPCL went out of the list and gave way to Hindalco and REL. All the counters in the list had a total revamp.

All the counters in the top-10 tradable list are likely to be terminated during Friday's trading. There are three opportunities on the buy side and four opportunities on the sell side. The best is likely to be selling in BHEL. This counter is in uptrend. Bear pressure on Friday is likely to trigger the downtrend in this counter.

Cash segment: The Composition of the top-10 tradable list remains unchanged. However, the ranking of the list had minor changes. VSNL and Reliance interchanged their positions.

All the counters in the top 10 tradable list are under threat for Friday's trading. There are four opportunities on the bull side and two opportunities on the bear side. The best is likely to be buying in Infosys. This counter is in downtrend. 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.