The Hindu Business Line : Bull domination

Bulls dominated over Friday's trading activity. The sentiment reading of the tradable counters remains neutral. Further bull domination on Monday is likely to change the sentiment reading in their favour. On the contrary, it is likely to turn bearish.

Nifty futures

The June month contract opened with a gap down of around 14 points. However, bears could not sustain their initial move and gave way to bull pressure during the later part of the day's trading. June month contract moved within an Intra day range of 196 points. It closed with a gain of around 174 points from yesterday's close.

The position in the June month contract is intact. Fresh long entry level is placed quite nearer to last traded price. Bull move on Monday is likely to initiate a fresh uprend in June month contract.

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Stock futures

The composition and the ranking of the top-10 tradable list had no changes. The top-3 tradable counters in this segment were Reliance, TISCO and ACC.

All the existing positions in the top-10 tradable list are likely to be terminated during Monday's trading. There are no selling opportunities for Monday's trading. Buying opportunities are likely to exist in five counters in the list. The best bet is likely to be buying in Hindalco. This counter is in sideways mode. Bull pressure on Monday is likely to initiate fresh uptrend in this counter.

Cash segment

The composition and ranking of the top-10 tradable list had minor changes. Reliance Capital replaced Gujarat Ambuja Cement in the list. Infosys and VSNL interchanged their positions.

Except Tata Motors, all other counters in the list are likely to be terminated during Monday's trading. There are no selling opportunities for Monday's trading. There are six opportunities on the bull side. The best is likely to be buying in SAIL. This counter is in downtrend. Bull pressure during Monday is likely to reverse the prevailing trend in SAIL.

(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.