The Hindu Business Line : Bulls prevail

Bulls prevailed over Thursday's trading activity. The sentiment reading of the tradable counters remains bullish. Bear domination on Friday is likely to change the sentiment reading in its favour. On the contrary, the prevailing bullish sentiment is likely to be further strengthened with additional counters.

Nifty futures

The June contract opened with a bull gap of around 41 points and went up by another 58 points. The June contract moved with in a range of around 58 points making an intra-day high of 3012. It closed with a gain of around 59 points from its previous close.

The long position in the June contract remains intact. The long exit level is placed with a locked profit of 205 points. The short entry level is placed quite nearer to its last traded price. These levels are likely to be triggered during Friday's trading.

Stock futures

The composition of the top-10 tradable list had no changes. However, the ranking of the list had minor changes. BHEL and Maruti interchanged their positions. The top-3 tradable counters in this segment were Reliance, Reliance Capital and Tata Steel.

Click here for table

All the uptrend counters in the top-10 tradable list are likely to be under threat for Friday's trading. There are no opportunities on the buy side. On the other hand, there are ample opportunities on the sell side for Thursday's trading.

The best is likely to be selling in Bajaj Auto. This counter is in uptrend. Bear move on Friday is likely to trigger the downtrend in this counter.

Cash segment

The composition of the top-10 tradable had no changes. However, the ranking of the list had minor changes. ONGC and Tata Motors interchanged their positions.

There are no downtrend counters in the list. All the counters in the top-10 tradable list are likely to be terminated during Friday's trading. There are ample opportunities on the sell side.

The best is likely to be selling in Infosys. Bear domination on Friday is likely to reverse the existing 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.