The Hindu Business Line : Bull domination

THE sentiment reading of the tradable counters remains bearish. Bull domination on Friday is likely to change the sentiment reading in their favour. On the contrary, the sentiment reading will be further strengthened with additional counters.

Nifty futures recommendation: The December month contract opened with a bull gap of around 5 points and went further up by 77 points making an intraday high of 2712. December month contract moved with in a range of around 77 points. It closed with a gain of around 64 points from its previous close.

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The long position in the December month contract reversed in the morning session. The exit and buy levels for the December month contract is placed quite nearer to its last traded price. These levels are likely to be triggered during Friday's trading.

Stock futures recommendation: The composition and ranking of the top-10 tradable counters had no changes. The top three tradable counters in this segment were Reliance Capital, Reliance Industries and State Bank.

Most of the counters in the top 10 tradable list are under threat. There are ample numbers of buying opportunities in the list. A lone selling opportunity is likely to exist in Tata Steel. The best for the Friday is likely to be buying in Satyam. This counter is in down trend. Bull pressure 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 no changes. Five down trend counters in the list are likely to be under threat for Friday's trading. On the other hand four up trend counters are likely to be under threat. There are two selling opportunities for Friday. On the other hand, there are ample buying opportunities exist in the list. The best for Friday's trading is likely to be buying in Reliance Capital. This counter is in sideways. The buy level for this counter is likely to be triggered during Friday's trading.

(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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