The Hindu Business Line : Bear domination

Bear dominated over Thursday's trading activity. However, the sentiment reading of the tradable counters changed to neutral. Bull move on Friday is likely to change the sentiment reading to bullish. On the other hand, bear move may likely to turn the sentiment reading to bearish.

Nifty futures

The August month contract opened with a bull gap of around 13 points from its previous close. The August contract moved within a range of around 50 points making an intra-day low of 3,405. It closed with a loss of around 18 points from its previous close.

The long position in the August contract exited. Fresh short position was triggered in the September month contract. Both the short exit and long entry levels are placed quite far away from its 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 and ranking of the top-10 tradable list had minor changes. Satyam moved out giving way to Maruti.

Maruti occupied 10th position in the top-10 tradable list. Tata Motors moved up and occupied fifth position while BHEL moved down to seventh position.

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

Most of the counters are in sideways mode. There are two uptrend and three downtrend counters in the top-10 tradable list. Both the uptrend and downtrend counters are likely to be under threat for Friday's trading. Ample opportunities exist on either side for Friday's trading.

The best is likely to be selling in SBI. This counter is in uptrend. Bear move on Friday is likely to trigger the downtrend in this counter.

Cash segment

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

There are five uptrend and three downtrend counters in the top-10 tradable list. Both the uptrend and downtrend counters are likely to be under threat for Friday's trading. There are five opportunities on either side for Friday's trading.

The best is likely to be selling in ICICI Bank. This counter is in uptrend. Bear move on Friday is likely to trigger the down 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.