The Hindu Business Line : Unstable movement

Nifty futures recommendation: The January month contract opened with a bull gap of around 11 points and moved within a range of around 50 points, making an all-time high of 2,908.5. It closed with a gain of around 11 points from its previous level.

The short position is initiated in the January month contract due to the bear domination of day's trading activity and later on it becomes neutral due to the volatile movement.

The buy level for the January month contract is placed nearer to the last traded price and the sell level is placed quite far away. In the normal course of trading, the buy level is likely to be triggered.

Stock futures recommendation: The composition of the top-10 tradable list had no changes, while its ranking had major changes.

Majority of the counters changes their positions. The top three tradable counters in this segment were IPCL, State Bank and Reliance.

All the uptrend and downtrend counters in the top-10 tradable list are likely to be under threat for Monday's trading.

Three downtrend counters — Tata Steel, Tata Motors and ICICI Bank — are likely to be under threat for Monday.

There are ample opportunities on both the sides of trading.

The best for Monday's trading is likely to be buying in Infosys. This counter is in sideways mode. Bull domination on Monday is likely to initiate a fresh uptrend in this counter.

Cash segment: The composition and the ranking of the top-10 tradable list had no changes.

All the uptrend counters in the top-10 tradable list are likely to be terminated during Monday's trading.

There are four opportunities on the buy side and ample opportunities on the sell side. The best is likely to be buying in Tata Steel.

This counter is in down trend. The buy level of Tata Steel is triggered during Monday's trading activity.

(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.