The Hindu Business Line : Indecisive move

The sentiment reading of the tradable counters stands neutral. Bear pressure on Monday is likely to change the sentiment reading in their favour. Otherwise, it is likely to turn bullish.

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Nifty futures recommendation: The December month contract opened around its previous close and steadily lost during the day's trading. Bulls were unable to make any impact during the day's trading.

The December contract moved within a band of 36 points. It closed lower for the week with a loss of 30 points.

Friday's market action had no impact on the recommended levels of the December contract. In the normal course on Monday, the sideways trend is likely to continue. Both bullish and bearish entry levels for the December contract are placed slightly away from its last traded value.

Stock futures recommendation: There were no new entries or exits to the top-10 tradable list. The ranking of the list had some changes. Maruti moved to the fifth position and ONGC to the eighth position.

Bull force on Monday is likely to terminate the prevailing downtrend counters in the list. On the contrary, the uptrend counters in the list are likely to be under threat. Bears are likely to have opportunity in five counters. Buying opportunities are likely to exist in four counters. Selling in Tata Steel is likely to be the best for Monday's trading. Bear move on Monday is likely to initiate a fresh downtrend in Tata Steel.

Cash segment: The composition as well as the ranking of the top-10 tradable list remains unchanged. Bulls were successful to the extent of terminating the downtrend in ONGC.

Except for the downtrend in SAIL, all the other counters in the list are likely to be under threat. Buying opportunities are likely to exist in five counters. Selling opportunities are likely to exist in six counters. For Monday, the best bet is likely to be the selling in Infosys. This counter is in the sideways mode. Bearish trigger level for this counter is placed closer to its current level. Bear pressure on Monday is likely to trigger the downtrend in Infosys.

(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.