The Hindu Business Line : Bulls ablaze

THE sentiment reading of the tradable counters remains bullish. Bear domination on Monday is likely to change the sentiment reading in their favour. On the contrary, the prevailing bullish sentiment is likely to be further strengthened.

Nifty futures recommendation: The December month contract opened with a bull gap of around six points. It moved within a range of around 61 points making an intra-day high of 2757.50. It closed with a gain of around 61 points from its previous close.

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The long position in the December month contract remains intact. The exit and sell levels for the December month contract are placed quite far away from its last traded price. In the normal course of trading, these levels are unlikely to be triggered during Friday's trading.

Stock futures recommendation: The composition and the ranking of the top-10 tradable list had minor changes. ONGC went out of the list and gave way for ICICI Bank. Ranbaxy and Maruti interchanged their positions. The short exit level for ONGC is placed at 1051.85. The top three tradable counters in this segment were Reliance, VSNL and Titan.

All the up trend counters in the top 10 tradable list are likely to be under threat for Monday's trading. There are no downtrend counters in the list. There are ample opportunities on the sell side. The best for Monday's trading is likely to be selling in Ranbaxy. This counter is in up trend. Bear move on Monday is likely to change the trend in this counter.

Cash segment: The composition and the ranking of the top-10 tradable list had minor changes. Sesa Goa moved out of the list and gave way for Bharti-Tele. Titan moved up to the second position and India Bulls moved down to the fifth position. The long exit levels for SRF and Sesa Goa are placed at 281.70 and 1063.95, respectively.

All the uptrend counters in the top-10 tradable list are likely to be under threat. There are no downtrend counters in the list. There are two opportunities on the buy side and five opportunities on the sell side for Monday's trading. The best for Monday's trading is likely to be buying in Tata steel. This counter is in side ways mode. Bull pressure on Monday is likely to initiate a fresh up trend in this 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 technical analyst and fund management consultant.

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