The Hindu Business Line : Bulls prevail

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

NIFTY FUTURES

January month contract opened with a bull gap of around 5 points from its previous close. The contract moved within a range of around 71 points making an intra-day high of 4148. It closed with a gain of around 46 points from its previous close. The short position in the January month contract exited and entered long. The long exit and short entry levels are placed far away from its last traded price. These levels are unlikely to be triggered during trading on Friday.

STOCK FUTURES

The composition and ranking of the top-10 tradable list had minor changes. Infosys gave way to MTNL. Tata Steel and Tata Motors moved down in the ranking while IDBI moved up. The long exit level for Infosys is placed at 2211.20. There are five uptrend and four downtrend counters in the top-10 tradable list. Except IDBI, other uptrend counters are likely to be under threat for Friday's trading. On the other hand, all the downtrend counters except Reliance Capital are likely to be terminated.

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There are five selling opportunities and four buying opportunities for Friday's trading. The best among them is likely to be buying in Satyam. This counter is in sideway's 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 minor changes. Zee Tele gave way to ONGC. Satyam, Polaris and SAIL moved up while BHEL and ICICI Bank moved down in the ranking. The long exit level for Zee Tele is placed at 283.95.

There are seven uptrend and a two downtrend counters in the list. All the counters are likely to be under threat for Friday's trading. There are ample selling and three buying opportunities for Friday's trading.

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