The Hindu Business Line : Bear domination

Bear dominated over Friday's trading activity. The sentiment reading of the tradable counters turned to bearish. Bull move on Monday has the potential to change the sentiment reading in their favour.

On the contrary, the prevailing bearish sentiment is likely to be further strengthened with additional counters.

NIFTY FUTURES

The May month contract opened with a bear gap of around three from its previous close. The May month contract moved within a range of around 95 points.

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The May month contract closed with a loss of around 96 points from its previous close.

The bear move on May month contract is initiating a fresh downtrend in Nifty Futures.

The short exit and long entry levels are placed quite far away from its last traded price. These levels are unlikely to be triggered during Monday's trading activity.

STOCK FUTURES

The composition of the top-10 tradable list had no changes. However, there is a minor change in ranking. ACC and ICICI interchange their positions.

The top-3 tradable counters in this segment were Reliance, SBI and Tata Steel.

Except Satyam all other counters in the top 10 tradable list are in downtrend.

There are two buying and one selling opportunities for Monday's trading.

The best among the above is likely to be buying in Satyam. This counter is witnessing sideways. Bull move on Monday is likely to initiate a fresh uptrend in this counter.

CASH SEGMENT

The composition of the top-10 tradable list has major changes. ACC, Bajaj Auto, Bank of India and Andhra Bank are gone out from the list and these are filled by SBI, TCS, ONGC and Tata Motors.

The ranking of the top-10 tradable lists are totally revamped.

All the counters in the top 10 tradable list are in downtrend. There are five buying opportunities likely to exist in the top 10 list.

The best is likely to be buying in TCS. This counter is in downtrend. Bull move on Monday is likely to reverse the position 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.