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K. Premkumar

BULLS were in total control of Thursday's trading activity. Their dominance left the bears with no opportunity to recover during the day's trading. However, the sentiment reading of the tradable counters continues to remains neutral. Bull domination on Friday is likely to change the sentiment reading in its favour. Otherwise, the prevailing sentiment is likely to continue with a slight change in its value.

Nifty futures recommendation: The movement in the near month February contract was around 20 points. Bulls capitalised the day's entire move leaving the bears with no chance to recover their losses. February contract closed higher with a gain of 18 points over previous close.

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Bulls were successful in terminating the downtrend in the February contract. The short trade exited with a loss of 5 points. Bullish trigger level for the February contract is now placed very close to its current level. Bull pressure on Friday is likely to initiate the uptrend in the February contract.

Stock futures recommendation: The composition of the top-10 tradable list remains intact. The ranking of the list had a minor change. Reliance Industries and Hindustan Petro interchanged their positions. Trading activity in Tata Engg was hectic with more than 1900 trades.

For Friday, the uptrend in Tata Engg and the downtrend in Hindustan Petro are likely to be under threat. Bulls are likely to have opportunity in Digital, Reliance Industries and Tata Steel. A lone selling opportunity is likely to exist in Reliance Industries.

The best among the above is likely to be the buying in Reliance Industries. Its buy level is placed very close to its last traded price. Bull pressure on Friday is likely to trigger this level.

Cash segment: There were no new entries or exits to the top-10 tradable list. The ranking of the list had some changes. Mastek moved to the top slot followed by Satyam Computer, Infosys and Digital.

Except for the downtrend in Polaris Soft, all the other counters in the list are likely to be safe. Buying opportunities are likely to exist in Hexaware, Polaris Soft and Reliance Industries. A lone selling opportunity is likely to exist in Reliance Industries.

The best bet for Friday's trading is likely to be the buying in Reliance Industries. Its bullish trigger level is placed closer to its current level. Bull move on Friday is likely to initiate the uptrend in the 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 Chennai-based technical analyst and fund management consultant.

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