The Hindu Business Line : Bulls prevail

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

NIFTY FUTURES

The March contract opened with a bull gap of around 46 points from its previous close. It moved within a range of around 82 points making an intra-day high of 3885. The contract closed with a gain of around 123 points from its previous close.

The long position in the March contract remains intact and has a locked profit of around 20 points. The long exit and short entry levels are placed far away from its last traded price. These levels are unlikely to be triggered during Friday's trading.

STOCK FUTURES

The composition of the top-10 tradable list had no changes. However, the ranking had minor changes. ICICI moved up in the ranking, while Tata Steel moved down. The top-3 tradable counters in this segment were SBI, Reliance Industries, and ICICI.

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Most of the counters in the top-10 tradable list are in uptrend. Except ICICI, other uptrend counters are likely to be under threat for Friday's trading. On the other hand, the downtrend counter ACC is likely to be terminated. There are ample selling opportunities and a lone buying opportunity for Friday's trading. The best among them is likely to be selling in Reliance Capital. This counter is in uptrend. Bear move on Friday is likely to reverse the prevailing trend in this counter.

CASH SEGMENT

The composition and ranking of the top-10 tradable list had minor changes. Tata Motors gave way to BHEL. BHEL occupied tenth position in the ranking. SAIL, Tata Steel and ITC moved up in the ranking, while Satyam, TCS and ICICI moved down. The long exit level for Tata Motors is placed at 779.05.

Bear domination on Friday is likely to terminate all the uptrend counters except SAIL and BHEL. There are ample selling opportunities and a lone buying opportunity for Friday's trading. The best among them is likely to be selling in Infosys. 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.