The Hindu Business Line : Bear domination

Bears dominated Thursday's market activity. The sentiment reading of the tradable counters changed to bearish. Bull move on Friday is likely to change the sentiment reading to bullish.

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

Nifty Futures

The September month contract opened with a bear gap of around 28 points from its previous close.

The September month contract moved within a range of around 34 points making an intra-day low of 3432.10. It closed with a loss of around 24 points from its previous close.

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The long position in the September contract exited and entered short.

The short exit and long entry levels are placed quite nearer to its last traded price. Bull pressure during Friday is likely to trigger these levels.

Stock Futures

The composition and ranking of the top-10 tradable counters had minor changes. REL gave way to i-flex Solutions.

i-flex occupied tenth position in the top-10 tradable list. BHEL moved up while SBI moved down in the ranking.

The top-3 tradable counters in this segment were Century Tex, Jet Airways, and Tata Steel. The exit levels for ACC, Maruti and REL are placed at 937.95, 885.50, and 472.85 respectively.

There are six uptrend and four downtrend counters in the top-10 tradable list. All the counters are likely to be under threat for Friday's trading. There are four selling and six buying opportunities for Friday's trading.

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

Cash Segment

The composition and the ranking of the top-10 tradable list had minor changes. L&T gave way to i-flex. i-flex occupied fifth position. The exit level for L&T is placed at 2504.90.

There are six downtrend and four uptrend counters in the top-10 tradable list. All the counters are likely to be under threat for Friday's trading. There are ample buying opportunities and one selling opportunity for Friday's trading.

The best is likely to be selling in i-flex. This counter is in uptrend. Bear move 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.