The Hindu Business Line : Bear-run arrested

The sentiment reading of the tradable counters remains bullish. Bear domination on Friday is likely to turn the sentiment reading to bearish. Otherwise, the prevailing sentiment is likely to continue with a slight change in its value.

Click here for table

Nifty futures recommendation: The near-month March contract opened with a bear gap of four points and went further down by another ten points.

Later on, bulls gained control of the day's proceedings. The March contract moved within a band of 26 points. It closed with a gain of six points over Wednesday's close.

Thursday's market action had no impact on the recommended levels. Bullish trigger level for the March contract remains unchanged. Bull domination on Friday has the potential to initiate the uptrend in the March contract. Bearish trigger level for the March contract is placed quite far away.

Stock futures recommendation: The composition as well as the ranking of the top-10 tradable list remains unchanged. State Bank, Reliance and ONGC were the top three traded counters in this segment. The exit level for the downtrend in Maruti and the uptrend in ONGC are placed at 466.50 and 904.60 respectively.

For Friday, most of the counters in the list are likely to be under threat. Buying opportunities are likely to exist in four counters. Selling opportunities are likely to exist in two counters. Buying in Infosys is likely to be the best for Friday's trading. This counter is in the downtrend. The exit and bullish trigger levels for the counter is placed closer to the last traded value. Bull pressure on Friday is likely to trigger these levels.

Cash segment: There were no new entries to the top-10 tradable list. The ranking of the list had some changes. Andhra Bank moved to the fifth position followed by SAIL and Infosys. The downtrend in Bharti Tele is likely to terminate at 230.25.

Bear pressure on Friday is likely to terminate the prevailing uptrend counters in the list. On the contrary, the three downtrend counters in the list are likely to be under threat. Bulls are likely to have opportunity in four counters. Selling opportunities are likely to exist in three counters. Buying in Maruti is likely to be the best bet for Friday's trading. This counter is in the downtrend. Bull move on Friday has the potential to reverse the prevailing downtrend in Maruti.

(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.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
UTI Grandmaster to take new avatar

Birla Sun Life, Crisil plan benchmark indices for ULIPs

Bear-run arrested

Trent hits new high on growth prospects

Block deal in HDFC Bank

Cash flow hopes draw interest in ONGC

Outlook may turn positive for Maruti, BHEL

Mid-caps, small-caps continue to thrive