The Hindu Business Line : Bulls prevail

Bulls prevailed over Thursday's trading activity. The sentiment reading of the tradable counters changed to bullish. Bear move on Friday is likely to change the sentiment reading in their favour. On the other hand, the prevailing bullish sentiment is likely to be further strengthened with additional counters.

Nifty futures

The September month contract opened with a bull gap of around 24 points from its previous close. September contract moved with in a range of around 38 points making an intra-day high of 3,559.95. It closed with a gain of around 53 points from its previous close.

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The short position in the September contract exited and entered long. The long exit and short entry levels are placed quite nearer to its last traded price. These levels are likely to be triggered during Friday's trading.

Stock futures

The composition and ranking of the top-10 tradable list had minor changes. Bajaj Auto gave way to Reliance Energy. It occupied third position in the list. Tata Steel, SBI and Infosys moved down in the ranking. The top-3 tradable counters in this segment were Reliance, Tata Steel and IPCL.

The exit levels for ONGC and Bajaj Auto are placed at 1,175.45 and 2,813.95 respectively.

All the counters in the top-10 tradable list are in uptrend and are likely to be under threat for Friday's trading. There are ample selling opportunities for Friday's trading. The best is likely to be selling in Reliance. This counter is in uptrend. Bear move on Friday is likely to reverse the existing trend in this counter.

Cash segment

The composition and the ranking of the top-10 tradable list had no changes. All the counters in the list are in uptrend and are likely to be under threat for Friday's trading. There are ample selling opportunities for Friday's trading.

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