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K. Premkumar
Bears dominated Thursday's trading activity. The sentiment reading of tradable counters turned bearish. Bull pressure on Friday is likely to neutralise the sentiment reading.
On the contrary, the sentiment reading is likely to remain bearish.
Nifty futures
The May month contract opened with a bear gap of around 44 points. The May contract moved within a range of around 264 points. It closed with a loss of around 289 points from its previous close.
Bear domination during the day reversed the long position in the May contract. The long position in the May contract exited with a loss of around 8 points.
Both the short exit and long entry levels are placed quite far away. These levels are unlikely to be triggered during Friday's trading.
Stock futures
The composition and ranking of the top-10 tradable list had no changes. The top-3 tradable counters in this segment were Reliance, Tata steel and State Bank of India.
All the counters were in downtrend. The downtrend counter TCS is likely to be under threat during Friday's trading. Lone buying opportunity exists in TCS for Friday's trading.
The best is likely to be buying in TCS. Bull pressure on Friday is likely to reverse the existing trend in TCS.
Cash segment
The composition of the list had a minor change. Steel Authority of India gained entry with the exit of Ranbaxy Labs.
Steel Authority occupied the 10th rank.
Short exit level for ACC is placed at Rs 899.95 and that for Ranbaxy at Rs 482.30.
All the exits levels are placed quite far away and the nearest levels are ONGC and Infosys. There is no buying opportunity for Friday's trading.
Bear move on Friday is likely to trigger the downtrend in this counter.
(Note: All price levels refer to the absolute value of the shares traded on the National Stock Exchange. There is risk of loss in trading.)
The author is a technical analyst and fund management consultant.
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