The Hindu Business Line : Bulls prevail

Bulls prevailed over Thursday's trading activity. The sentiment reading of the tradable counters remains marginally bullish. Bear move on Monday 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 April contract opened with a bear gap of around six points from its previous close. However, the bears could not sustain their initial momentum and gave way to bulls.

The April contract moved within a range of around 71 points making an intraday high of 3,758 and closed with a gain of around six points from its previous close.

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The long position in the April contract remains intact.

The long exit and short entry levels are placed quite nearer to its last traded price. These levels are likely to be triggered during the normal course of trading during Monday.

STOCK FUTURES

The composition and ranking of the top-10 tradable list had minor changes. TCS gave way to Satyam. SBI, Tata Steel and Bank of India moved up while Reliance Industries, Reliance Capital, ICICI and BHEL moved down. The short exit level for TCS is placed at 1281.15.

There are six uptrend counters and three downtrend counters in the top-10 tradable list.

Except Tata Steel, other uptrend counters are likely to be under threat for Monday's trading. On the other hand, all the downtrend counters are likely to be terminated. There are six selling opportunities and four buying opportunities for Monday's trading.

The best among them is likely to be selling in Reliance Industries. This counter is in uptrend. Bear move on Monday 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. ICICI gave way to Tata Steel. SAIL, ITC and Reliance Industries moved up in the ranking while Satyam, ACC, TCS and SBI moved down. The short exit level for ICICI is placed at 843.95.

There are four uptrend counters and four downtrend counters in the top-10 tradable list. Except Tata Steel, other uptrend counters are likely to be under threat for Monday's trading. There are six buying opportunities and four selling opportunities for Monday's trading.

The best among them is likely to be buying in Infosys. This counter is in downtrend. Bull move on Monday 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.