The Hindu Business Line : Bull domination

The bulls dominated Friday's trading activity. The sentiment reading of the tradable counters remains 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.

NIFTY FUTURES

The April contract opened with a bull gap of around 25 points. It moved within a range of around 108 points. The April contract closed with a gain of around 102 points from its previous close.

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

STOCK FUTURES

The composition and ranking of the top-10 tradable list had minor changes. ACC and Tata Motors went out from the top-10 tradable list and gave way to Satyam and TCS. Satyam occupied seventh position and TCS occupied last position in the top-10 tradable list. The top-3 tradable counters in this segment were Satyam, TCS, Tata Steel. The long exit level for ACC and Tata Motors is placed at 728.95, 705.05 respectively.

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All counters in the top-10 tradable list are in uptrend. Reliance, ICICI and BHEL counters are under threat for Monday's trading. Three selling opportunities are likely to exist in Reliance, ICICI and BHEL. The best among them is likely to be selling BHEL. This counter is in uptrend. Bear 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 of the top-10 tradable list had minor changes. Satyam and BHEL interchanged their position in the top-10 tradable list.

Except ITC, all other all other counters are in uptrend in the top-10 tradable list. There are four uptrend counters in the top-10 tradable list under threat for Monday. Four opportunities exist in sell side. The best among them is likely to be selling in BHEL. 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.