The Hindu Business Line : Volatile movement

Friday's trading activity witnessed volatile movement. The sentiment reading of the tradable counters changed to marginally bullish. Bear move on Monday is likely to change the sentiment reading to bearish.

On the other hand, the prevailing bullish sentiment is likely to be further strengthened with additional counters.

Nifty futures

The September month contract opened with a bull gap of around 6 points from its previous close. It moved within a range of around 45 points, marking an intraday high of 3,479. It closed with a gain of around 14 points from its previous close.

The short position in the September month contract exited and entered long. The long exit and short entry levels are placed quite nearer to its last traded price. Bear pressure during Monday is likely to trigger these levels.

Stock futures

The composition and ranking of the top-10 tradable counters had minor changes. ONGC and i-flex Solutions gave way to Maruti and ACC. Maruti and ACC occupied seventh and 10th position, respectively, in the top-10 tradable list.

Tata Motors moved up to first position in the ranking. The top-3 tradable counters in this segment were Reliance, Century Textiles and Tata Steel.

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The exit levels for REL, ONGC and i-flex are placed at 457.90, 1198.95, and 1462.75 respectively.

There are five uptrend and five downtrend counters in the top-10 tradable list. All the counters are likely to be under threat for Monday's trading. There are ample opportunities on either side for Monday's trading.

The best is likely to be buying in SBI. This counter is in downtrend. Bull move on Monday is likely to trigger the uptrend in this counter.

Cash Segment

The composition and the ranking of the top-10 tradable list had no changes. The exit level for L&T is placed at Rs 2,504.90.

There are five uptrend and four downtrend counters in the top-10 tradable list. All the uptrend and downtrend counters are likely to be under threat for Monday's trading. There are ample opportunities on either side for Monday's trading.

The best is likely to be buying in SBI. This counter is in downtrend. Bull move on Monday is likely to reverse the existing 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.