The Hindu Business Line : Bulls prevail

BULLS dominated Wednesday's trading activity. The sentiment reading of the tradable counters remains neutral. Bull domination on Monday is likely to change the sentiment reading in their favour.

Nifty futures recommendation: The November month contract opened with a bear gap of two points and went down further by 13 points. However, bears are not able to capitalise on their initial momentum and gave way to bulls.

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The November month contract moved within a range of 42 points. It closed with a gain of around 62 points from its previous close.

The long position in the November month contract remains intact. The exit and sell levels for the November month contract are placed quite far away from the last traded price. These levels are unlikely to be triggered during Monday's trading.

Stock futures recommendation: The composition and ranking of the top 10 tradable list had no changes. The top three tradable counters in this segment were Satyam, SBI, and Reliance.

A lone uptrend counter, ICICI Bank, is likely to be under threat. On the other hand, there are two downtrend counters under threat for Monday's trading. There are ample numbers of opportunities on the either side of trading on Monday.

The best bet for Monday's trading is likely to be buying in Reliance. Bull pressure on Monday is likely to initiate a fresh uptrend in this counter.

Cash segment: The composition and ranking of the top 10 tradable list had minor changes. Sesa Goa went out from list, giving way to Titan. Satyam went to first position followed by SBI and Reliance. SRF moved to the eighth positions and Tata Steel moved to the last position in the list.

Three uptrend counters are likely to be under threat. A lone downtrend counter, Ranbaxy, is likely to be under threat during Monday's trading. There are four buying opportunities for Monday's trading. Selling opportunities are likely to exist in Infosys, Titan, and Tata Steel. The best for Monday's trading is likely to be buying in Reliance. This counter is in sideways. Bull domination on Monday is likely to initiate long position 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.

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