The Hindu Business Line : Bull domination

Bulls dominated Thursday's trading activity. The sentiment reading of the tradable counters changed to marginally bullish. Bear move on Monday 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

The January month contract opened with a bull gap of around 5 points from its previous close. The January month contract moved within a range of around 47 points making an intraday high of 4140. The January month contract closed with a gain of around 28 points from its previous close.

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The position in the January month contract was allowed to expire. Fresh entry levels are given for the February month contract. Bull move on Monday is likely trigger a fresh uptrend in the February month contract.

STOCK FUTURES

The composition and ranking of the top-10 tradable list had no changes. The top-3 tradable counters in this segment were Tata Steel, Century Textiles and Reliance Industries.

Due to expiry all the positions were closed at market price. Fresh entry levels are given in the February month contract. The best among them is likely to be buying in ICICI. This counter is in sideways mode. Bull move on Monday 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. The long exit level for Zee Telefilms is placed at 318.10. In the top-10 tradable list, there are no downtrend counters. Except SAIL, Polaris, Tisco and BHEL, other uptrend counters are likely to be under threat for Monday's trading. There are six selling opportunities and a lone buying opportunity for Monday's trading. The best among them is likely to be selling in TCS. This counter is in uptrend. Bear move on Monday 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.