The Hindu Business Line : Bulls prevail

Bulls prevailed over Friday's trading activity. The sentiment reading of the tradable counters changed to 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 February contract opened with a bull gap of around 15 points from its previous close. The contract moved within a range of around 39 points making an intra-day high of 4193.50. It closed with a gain of around 34 points from its previous close.

The long position in the contract remains intact. The long exit and short entry levels are placed far away from its last traded price. These levels are unlikely to be triggered during the normal course of trading on Monday.

Stock futures

The composition and ranking of the top-10 tradable list had minor changes. BHEL gave way to VSNL. The long exit level for BHEL is placed at 2481.95.

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There are six downtrend counters and four uptrend counters in the top-10 tradable list. All the downtrend counters are likely to be under threat for Monday's trading. On the other hand, the uptrend counters Tata Steel and Satyam are likely to be terminated. There are ample buying opportunities and two selling opportunities for Monday's trading. The best among them is likely to be buying in Reliance Industries. This counter is in downtrend. Bull move on Monday is likely to reverse the prevailing trend in this counter.

Cash segment

The composition and ranking of the top-10 tradable list had minor changes. Polaris gave way to ONGC. ONGC occupied tenth position in the ranking. SAIL and Satyam interchanged their positions. ICICI and IDBI moved up in the ranking.

Most of the counters in the top-10 tradable list are in uptrend. Except Satyam, other uptrend counters are likely to be under threat for Monday's trading. There are ample selling opportunities and two buying opportunities for Monday's trading. The best among them is likely to be selling in SAIL. 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.