The Hindu Business Line : Bulls prevail

Bulls prevailed over Thursday's trading activity. The sentiment reading of the tradable counters changed to neutral. Bull move on Friday is likely to change the sentiment reading to bullish. On the other hand, it may turn bearish.

NIFTY FUTURES

The November contract opened around its previous close. The November contract moved within a range of around 53 points, making an intra day high of 3814.80. It closed with a gain of around 28 points from its previous close.

The long position in the November contract remains intact. The long exit and short entry levels are placed quite far away from its last traded price. In the normal course of trading during Friday, these levels are unlikely to be triggered.

STOCK FUTURES

The composition and ranking of the top-10 tradable list had minor changes.

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ICICI Bank and Satyam Computer gave way to Reliance Capital and Century Textiles. SBI and Hind Lever moved down in the ranking and occupied ninth and tenth position respectively. The top-3 tradable counters in this segment were Reliance Industries, Reliance Capital and Century Textiles. The exit level for ACC is Rs 987.05; Maruti Rs 968.45; BHEL Rs 2453.6; ICICI Bank Rs 769.95; and for Satyam Rs 432.95. Most of the counters in the top-10 tradable list are in uptrend and are likely to be under threat for Friday's trading. On the other hand, three down trend counters are likely to be terminated. There are ample opportunities on sell side and two opportunities on buy side for Friday's trading.

The best is likely to be selling in Tata Motors. This counter is in uptrend. Bear move on Friday is likely to reverse the existing trend in this counter.

CASH SEGMENT

The composition of the top-10 tradable list had no changes. However, the ranking had minor changes. VSNL and SAIL interchanged their positions. The exit levels for Hind Lever, SBI, Maruti and Reliance Capital are placed at 235.95, 1105.25, 964.65 and 580.10 respectively.

There are three uptrend counters and seven down trend counters in the top-10 tradable list. All the counters in the list are likely to be under threat for Friday's trading. There are ample buying opportunities and three selling opportunities for Friday's trading. The best is likely to be selling in Suzlon. This counter is in uptrend. Bear move on Friday is likely to reverse the prevailing 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.