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K. Premkumar

Thursday's trading activity witnessed volatile movement. The sentiment reading of the tradable counters changed to marginally bearish. Bull move on Friday is likely to change the sentiment reading in their favour. On the other hand, the prevailing bearish sentiment is likely to be further strengthened with additional counters.

NIFTY FUTURES

The September month contract opened around its previous close. The September contract moved with in a range of around 29 points making an intraday low of 3564.10. It closed with a loss of around 9 points from its previous close.

The long position in the September contract exited. A new short position triggered in the October contract. The short exit and long entry levels are placed quite nearer to its last traded price. These levels are likely to be triggered during trading on Friday.

STOCK FUTURES

The composition of the top-10 tradable counters had no changes. However, the and ranking had minor changes. Maruti moved up in the ranking while Reliance Industries and Infosys moved down. The top-3 tradable counters in this segment were Reliance Capital, Reliance Industries and Tata Steel.

Click here for table

The exit level for Reliance Energy is placed at 463.55.

Most of the counters in the top-10 tradable list are in side ways mode. There are four downtrend counters. All the downtrend counters are likely to be terminated during trading on Friday. There are ample buying opportunities and five selling opportunities for Friday's trading. The best is likely to be buying in Tata Steel. This counter is in sideways mode. Bull move on Friday 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. There are five uptrend and four downtrend counters in the list. Both the up and down trend counters are likely to be under threat for Friday's trading. There are five buying opportunities and three selling opportunities for Friday's trading. The best is likely to be selling in Infosys. This counter is in sideways mode. 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.

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