The Hindu Business Line : Bull domination

Bulls dominated Thursday's trading activity. The sentiment reading of the tradable counters remains marginally bullish. Bear move on Friday is likely to change the sentiment reading in their favour. On the contrary, it is likely to be strengthened with additional counters.

Nifty futures

The July month contract opened with a bull gap of around 70 points from Wednesday's close.

The July contract moved with in a range of around 70 points making an intraday high of 3038. It closed with a gain of around 112 points from its previous close.

The short position in the July contract was terminated and entered long. The long exit and short entry levels are placed quite far away from Thursday's last traded price.

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In the normal course of trading during Friday these levels are unlikely to be triggered.

Stock futures

The composition of the top-10 tradable list had minor changes. Maruti and BHEL gave way to Hind Lever and ONGC.

However, the ranking had a revamp with Infosys and Satyam going down and Ranbaxy moving up in the ranking. The exit level for BHEL is placed at 1790.20.

The top-3 tradable counters in this segment were Reliance, Tata Steel and ACC.

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

There are ample selling opportunities and one buying opportunity for Friday's trading.

The best is likely to be selling in Ranbaxy. This counter is in uptrend. Bear move on Friday is likely to reverse the prevailing trend in this counter.

Cash segment

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

However, the ranking had minor changes. Reliance Cap moved up while VSNL and Tata Motors moved down in the ranking.

Most of the counters in the list are in downtrend while Infosys, Satyam and Reliance Capital are in sideways mode. The only uptrend counter in the list is ITC.

Tata Steel is likely to be terminated during Friday's trading.

Five selling opportunities and two buying opportunities exist for Friday's trading.

The best is likely to be buying in Satyam. This counter is in sideways mode. Bull move on Friday is likely to initiate a fresh uptrend 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.