The Hindu Business Line : Volatile movement

Bear move on Friday is likely to change the sentiment reading in their favour. On the contrary, the prevailing bullish sentiment is likely to be further strengthened with additional counters.

Nifty futures

The August contract opened with a bear gap of around 7 points. The August contract moved within a range of around 54 points making an intraday low of 3,207.60. It closed with a loss of around 10 points from its previous close.

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The long position in the August contract remains intact and has locked in a decent 47 points. Both the long exit and short entry levels are placed quite nearer to Thursday's last traded price. These levels are likely to be triggered on Friday.

Stock futures

The composition of the top-10 tradable list had no changes. However, the ranking had minor changes. Infosys and TCS moved down in the ranking while Reliance, BHEL, ONGC, SBIN and Satyam moved up. The top-3 tradable counters in this segment were Reliance, STER and Century Tex.

Most of the counters in the list are in uptrend. All the uptrend counters in the top-10 tradable list are likely to be under threat for Friday's trading.

On the other hand, the lone downtrend counter Reliance is likely to be terminated during Friday's trading.

There are two buying opportunities and ample selling opportunities for Friday's trading. The best is likely to be selling in Satyam. This counter is in uptrend.

Bear move on Friday is likely to trigger the downtrend in this counter.

Cash Segment

The composition and the ranking of the top-10 tradable list had no changes. There are two downtrend counters in the list.

All the counters in the top-10 tradable list are likely to be under threat for Friday's trading. There are three buying opportunities and ample selling opportunities for Friday's trading.

The best is likely to be selling in ITC. This counter is in uptrend. Bear move on Friday 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.