The Hindu Business Line : Volatile movement

THURSDAY'S market activity witnessed volatile movement. However, the sentiment reading of the tradable counters remains bearish. Bull domination on Friday is likely to change the sentiment reading in their favour. On the contrary, the bearish sentiment is likely to be further strengthened.

Nifty futures recommendation: The December month contract opened with a bull gap of around seven points and further went up by 14 points. Bulls could not capitalise on their initial momentum and gave way to bears. The December month contract moved within a range of around 31 points making an intra-day low of 2,809. It closed with gain of around 15 points.

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The December month contract remains intact. The exit and buy levels are placed quite nearer from its last traded price. These levels are likely 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 moved out and Tata Steel got into the list. Satyam and Maruti moved down to sixth and ninth positions respectively. The exit level for ONGC is placed at 1135.15. The top three tradable counters in this segment were Reliance, State Bank and Tata Steel.

All the up trend and down trend counters in the top-10 tradable list are likely to be terminated during Friday's trading. There are five opportunities on the buy side and three opportunities on the sell side. The best for Friday's trading is likely to be buying in Tata Motors. This counter is in side ways mode. Bull move on Friday is likely to initiate a fresh up trend in this counter.

Cash segment: The composition of the top-10 tradable list had no changes. However, the ranking of the list had minor changes. Satyam and VSNL interchanged their positions.

All the up trend and down trend counters in the top-10 tradable list are likely to be under threat for Friday's trading. There are five opportunities on the sell side and ample opportunities on the buy side. The best is likely to be selling in Siemens. This counter is in side ways mode. Bear pressure on Friday is likely to initiate a fresh down 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.