The Hindu Business Line : Bull domination

Bulls dominated Thursday's trading activity. However, the sentiment reading of the tradable counters remains marginally bearish. Bull move on Friday is likely to change the sentiment reading to bullish.

On the other hand, the bearish sentiment is likely to be strengthened with additional counters.

Nifty futures

The October month contract opened around its previous close. The contract moved within a range of around 37 points making an intra-day high of 3689. It closed with a gain of around 13 points from its previous close.

The long position in the October contract exited. The entry levels are given for November month contract. Bull move on Friday is likely to initiate a fresh long position in the November contract.

Stock futures

The composition and ranking of the top-10 tradable list had no changes. The top-three tradable counters in this segment were Reliance Industries, Tata Steel and State Bank.

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

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

Cash segment

The composition and ranking of the top-10 tradable list had no changes. There are seven downtrend and three uptrend counters in the top-10 tradable list. Except HDFC, all other downtrend counters are likely to be under threat for Friday's trading. On the other hand, all the uptrend counters are likely to be terminated during Friday's trading.

There are ample opportunities on the buy side and two opportunities on the sell side for Friday's trading.

The best is likely to be buying in Infosys. This counter is in downtrend. Bull move on Friday is likely to reverse the 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.