The Hindu Business Line : Bullish sentiment

Bull dominated over Friday's trading activity. The sentiment reading of the tradable counters turned to bullish. Bear domination on Monday is likely to neutralise the sentiment reading. On the other hand, the prevailing bullish sentiment is likely to be further strengthened.

Nifty Futures Recommendation

The July month contract opened with a bull gap of around 73 points. It moved within a range of around 74 points making an intraday high of 3124.95. It closed with a gain of around 140 points from its previous close.

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The July month contract entered a fresh long position in the morning session. The long exit and short entry levels are placed quite far away from its last traded price.

In the normal course of trading, these levels are unlikely to be triggered during Monday.

Futures Recommendation

The composition and the ranking of the top-10 tradable list had no changes. The top-3 tradable counters in this segment were Reliance, Tata Steel and Rel Capital.

All the counters in the top-10 tradable list are likely to be under threat for Monday's trading. There are no down trend counters in the list. There are five opportunities on the bear side. The best is likely to be selling in Infosys. This counter is in uptrend. Bear move on Monday is likely to trigger the downtrend in this counter.

Cash Segment

The composition and the ranking of the top-10 tradable list had no changes. There are no downtrend counters in the list.

All the uptrend counters in the top-10 tradable list are likely to be terminated during Monday's trading.

There are no buying opportunities. There are four opportunities on the selling side. The best is likely to be selling in Infosys. Bear move on Monday 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.