The Hindu Business Line : Bull domination

The sentiment reading of the tradable counters changed to bullish. Bear domination on Monday is likely to change the sentiment reading in their favour. On the contrary, the prevailing sentiment reading is likely to be further strengthened with added counters.

Nifty futures

The June month contract opened with a bear gap of around 14 points and went further down by 37 points making an intraday low of 2,655. Bears were not able to sustain their momentum and succumbed to bull pressure and thereafter bulls went up by 150 points.

June month contract moved with in an intraday range of 187 points. It closed with a gain of 120 points from yesterday's close.

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Due to bull domination on Friday, short position in the June month contract exited with a profit of around 140 points and entered long.

The Long exit and Short entry levels are placed quite far away from last traded price. In the normal course of trading these levels are unlikely to be triggered on Monday.

Stock futures

The composition and the ranking of the top-10 tradable list remain unchanged. The top-3 tradable counters in this segment were Reliance, Tata Steel and State Bank.

Most of the counters in the top 10 tradable list are under threat for Monday's trading. There are no selling opportunities for Monday's trading.

Buying opportunities exist in Bajaj Auto and BHEL.

The best is likely to be buying in BHEL. This counter is in downtrend. Bull pressure on Monday is likely to trigger uptrend in this counter.

Cash segment

The composition of the top-10 tradable list remains unchanged. There are minor changes in the ranking of the list. Reliance Capital and Tata Motors interchanged their position.

All the uptrend counters in the list are likely to be under threat for Monday's trading.

There are no selling opportunities and traders are left with a lone buying opportunity in SAIL for Monday's trading.

This counter is in downtrend. Bull domination 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.