The Hindu Business Line : Bull domination

Bulls dominated Friday's trading activity. The sentiment reading of the tradable counters turned bullish. Bear move on Monday has the potential to change the sentiment reading in their favour. On the contrary, the prevailing bullish sentiment is likely to continue.

Nifty Futures: The April month contract opened with a bull gap of around 37 points. It moved within a range of 75 points before closing with a gain of 106 points from the previous close.

The long position in the contract remains intact, locking with a huge profit of 195 points. The long exit and short entry levels are placed far away from its last traded price and unlikely to be triggered during Monday's trading activity.

Stock Futures: The composition of the top 10 tradable list remains intact. There is a minor change in the ranking. Reliance and SBI interchanged their positions. ICICI Bank moved from sixth to ninth position. The top three tradable counters in this segment were Reliance, SBI and Tata Steel.

All counters in the top 10 tradable list are in uptrend. Seven counters are under threat for Monday's trading. There are seven selling opportunities for Monday's trading.

The best among them is likely to be selling in Century Tex. This counter is in uptrend. Bear move on Monday is likely to reverse the prevailing trend.

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Cash Segment: There is a minor change in the composition and ranking of the top 10 tradable list. ITC has gone out of the list, giving way to ONGC.

Infosys and Satyam, TCS and Reliance, and SAIL and BHEL interchanged their positions respectively. The long exit level for ITC is placed at 159.55.

Except Tata Steel, all other counters in the top 10 tradable list are in uptrend. Five counters in the list are under threat. Selling opportunities exist in the five of the uptrend counters in the top 10 tradable list for Monday's trading.

The best opportunity is likely to exist in Infosys. This counter is in uptrend. Bear move on Friday has a potential to change it to downtrend 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.