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K. Premkumar

BEARS prevailed over Friday's trading despite facing strong opposition from the bulls in the initial part of the day's trading.

The sentiment reading of the tradable counters continues to remain bearish. Bull move on Monday has the potential to change the sentiment reading in their favour. On the contrary, the prevailing bearish sentiment is likely to be further strengthened.

Nifty futures recommendation: The October month contract opened with a bull gap up of around 8 points and further went up by another 20 points. However, bulls could not sustain their initial move and gave way to the bears at the closing.

The October month contract moved within a range of 60 points making an intra-day low of 2535.55. It closed with a marginal loss of around 2 points from Thursday's level.

Bear move during the day initiated the downtrend in October month contract. The exit and buying levels are placed quite far away. In the normal course of trading, these levels are unlikely to be triggered during Monday's trading.

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Stock futures recommendation: The composition as well as the ranking of the top-10 tradable counters had no changes. The top three traded counters in this segment were Tisco, Reliance and Satyam Computers.

Except for ICICI Bank, all the other downtrend counters are under threat for Monday's trading. Bear pressure on Monday is likely to terminate the lone uptrend counter - Infosys.

Bulls are likely to have five opportunities while Infosys is the lone selling opportunity for Monday's trading. The best bet for Monday's trading is likely to be the buying in Hind Lever.

Cash segment: The composition and ranking of the top-10 tradable list had some changes. Indiabulls replaced IPCL in the top-10 list. Reliance Capital moved to the second rank while Sesa Goa occupied the first rank.

IPCL moved out of the top 10 tradable list giving way to Indiabulls. The exit levels for the downtrend in IPCL and uptrend in Scandent Solutions are placed at 243.65 and 10.95 respectively.

The downtrend in McDowell, Reliance, SRF and Indiabulls are likely to be under threat for Monday's trading. On the other hand, uptrend in Satyam Computers is likely to be terminated. Buying opportunities exist in McDowell and Reliance Industries while India Infoline is the lone selling opportunity for Monday's trading.

The best bet is likely to be the selling in India Infoline. Bear pressure on Monday is likely to trigger the short entry level for 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.

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