The Hindu Business Line : Uncertain movement

Friday's trading activity witnessed volatile movement. The sentiment reading of the tradable counters turned to neutral. Bull pressure on Monday is likely to change the sentiment reading in their favour. On the other hand, it is likely to change the sentiment reading to bearish.

Nifty Futures

The May month contract opened with a bull gap of around 51 points. May contract moved within a range of around 63 points. It closed with a gain of around 23 points from its previous close.

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

Stock Futures

The composition and the ranking of the top-10 tradable list had no changes. All the counters in the top-10 tradable list are likely to be terminated during Monday's trading. There are five opportunities on either side of trading. The best is likely to be buying in ACC. Bull move on Monday is likely to change the existing trend in this counter.

Cash Segment

The Composition and the ranking of the top-10 tradable list had minor changes. SAIL moved out of the list and gave way to State Bank. Reliance moved up to first position pushing down Satyam and Maruti to second and third positions, respectively.

All the uptrend counters in the top-10 tradable list are likely to be under threat for Monday's trading. On the other hand, three downtrend counters are likely to be terminated. There are three opportunities on both sides of trading. The best is likely to be selling in Satyam. This counter is in uptrend. Bear pressure on Monday is likely to trigger the downtrend 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.