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K. Premkumar

Bulls dominated over Friday's trading activity. However, the sentiment reading of the tradable counters turned to bearish.

Bull domination on Monday is likely to change the sentiment reading in their favour.

Click here for table

On the contrary, the prevailing bearish sentiment is likely to be further strengthened.

Nifty futures

The June month contract opened with a bear gap of around 52 points. However, bears could not capitalise on their initial momentum and gave way to bulls.

The June month contract moved with in a range of around 140 points making an intraday high of 3065.95. It closed with a gain of around 83 points from its previous close.

The long position in the June contract exited with profit of 205 points.

The long entry level is placed quite nearer and the short entry level is placed quite far away to its last traded price. Bull move on Monday is likely to initiate a fresh uptrend in June month contract.

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, Tata Steel and Satyam.

All the existing positions of the counters in the top-10 tradable list are likely to be terminated during Monday's trading.

There are ample buying opportunities for Monday's trading. The best is likely to be buying in Hindalco. This counter is in down trend. Bull move on Monday is likely to trigger the up trend in this counter.

Cash segment:

The composition and the ranking of the top-10 tradable had no changes.

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

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

The best is likely to be buying in Maruti. 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.

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