The Hindu Business Line : Volatile movement

TODAY market witness volatile movement. The sentiment reading of the tradable counters turned bullish. Bear domination on Monday is likely to change the sentiment reading in their favour.

On the contrary, the bullish sentiment is likely to be further strengthened with additional counters.

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Nifty Futures Recommendation: The January month contract opened with a bull gap of around 2 points. However bulls could not capitalise their initial movement It moved with in a range of around 36 points making an intra-day low of 2820.05. It closed with a gain of around 8 points from its previous close.

The Short position in the January month contract remains intact. The exit and buy levels are placed quite far away. In the normal course of trading during Monday these levels are unlikely to be triggered.

Stock Futures Commendation: The composition of the top-10 tradable list had no changes. However, the ranking of the list had minor changes.

Infosys and ICICI are interchanges their positions. Satyam and Reliance are interchanges their positions.

All the counters in the top-10 tradable list are likely to be under threat for Monday's trading. Three buying opportunities likely to exist in Reliance, Tata Steel and Infosys.

There are ample opportunities in sell side. The best is likely to be selling in Satyam. This counter is in up trend. Bear move on Monday is likely to turn the existing 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. Infosys moved to Third position from eighth position.

All the up trend counters in the top-10 tradable lists are likely to be under threat for Monday's trading. On the other hand a lone down trend counter Reliance Industries is under threat for Monday. There are ample opportunities on the sell side. A lone opportunity on the buy side is likely to exist in Reliance. Today's best is likely to selling in Tata Steel . This counter is in up trend. Sell level for this counter is likely to 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.