The Hindu Business Line : Bulls prevail

Bulls prevailed over Thursday's trading activity. The sentiment reading of the tradable counters changed to neutral. Bull move on Monday is likely to change the sentiment reading in their favour. On the contrary, the sentiment reading may turn bearish with additional counters.

NIFTY FUTURES

The February contract opened with a bull gap of around 31 points from its previous close. The February contract moved within a range of around 78 points making an intra-day high of 4,168.70. The February contract closed with a gain of around 109 points from its previous close.

The short position in the February 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 the normal course of trading on Monday.

STOCK FUTURES

The composition and ranking of the top-10 tradable list had minor changes. Bajaj Auto gave way to Satyam. The long exit level for Bajaj Auto is placed at 3,011.15.

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

CASH SEGMENT

The composition of the top-10 tradable list had no changes. However the ranking had minor changes. The long exit level for Reliance Industries is placed at 1,382.45.

There are five uptrend counters and five downtrend counters in the top-10 tradable list. The downtrend counters Tata Steel, SBI and BHEL are likely to be terminated. There are three buying opportunities for Monday's trading. The best among them is likely to be buying in BHEL. This counter is in downtrend. Bull 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.