The Hindu Business Line : Volatile movement

Nifty futures recommendation: The December contract opened with a bear gap of around 7 points. The December contract moved within a range of 30 points. It closed with a loss of around 15 points from its previous close. The long position in the contract remains intact. The exit and sell levels for the December month contract are placed quite far away. In the normal course of Wednesday's trading, these levels are unlikely to be triggered.

Stock futures recommendation: The composition and the ranking of the top-10 tradable list had minor changes. Bank of India and ICICI Bank are out of the list and gave way to Maruti and Hind Lever.

Tata Motors and Tata Steel interchanged their positions. The short exit levels for Bank of India and ICICI Bank are placed at 116.35 and 535.05 respectively. The top three tradable counters in this segment were Reliance Capital, Reliance and Tata Steel.

Four uptrend counters are likely to be under threat for Wednesday's trading. On the other hand, the two downtrend counters - Infosys and IPCL - are likely to be under threat. There are ample opportunities that exist in both the side of the tradable list for Wednesday.

The best for Wednesday is likely to be selling in Maruti. This counter is in sideways. Bear pressure on Wednesday is likely to initiate a fresh downtrend in this counter.

Cash segment: The composition and ranking of the top-10 tradable list had minor changes. Ranbaxy went out from the top-10 tradable list and gave way to Tata Steel. Tata Steel occupies last position and SRF moved to ninth position.

The long exit level for the Ranbaxy is placed at Rs 375.05.

All the uptrend counters in the list are likely to be under threat for Wednesday's trading. Two downtrend counters - State Bank and Tata Steel - are likely to be under threat. There are five buying opportunities for Wednesday. Selling opportunities are likely to exist in Reliance, Infosys and SRF.

The best for Wednesday's trading is likely to be buying in Satyam. This counter is in neutral mode. The buy level for this counter is likely to be triggered during Wednesday'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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