The Hindu Business Line : Volatile movement

Friday's trading activity witnessed volatile movement. However, the sentiment reading of the tradable counters changed to bullish. Bear move on Monday is likely to change the sentiment reading in their favour. On the contrary, the prevailing bullish sentiment is likely to be strengthened with additional counters.

NIFTY FUTURES

The October month contract opened with a bull gap of around three points from its previous close. The October month contract moved with in a range of around 23 points making an intraday high of 3,587. It closed around its previous close.

The long position in the October month contract remains intact. The long exit and short entry levels are placed quite nearer to its last traded price. These levels are likely to be triggered during trading on Monday.

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STOCK FUTURES

The composition of the top-10 tradable list had no changes. However, the ranking of the list had minor changes. Tata Motors and BHEL interchanged their positions. Infosys moved up to fifth position pushing down the Reliance Industries to sixth position. The top-3 tradable counters in this segment were VSNL, Reliance Industries and Tisco.

There are six uptrend counters and two down trend counters in the top-10 tradable list. All the uptrend and down trend counters in the list are likely to be under threat for Monday's trading. There are four opportunities on the buy side and ample opportunities on the sell side for Monday's trading. The best is likely to be selling in ACC. This counter is in uptrend. Bear move on Monday is likely to trigger the down 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. iflex and Reliance Industries interchanged their positions. Satyam moved up to seventh position and Tisco moved down to last position. The exit levels for HDFC and SBIN are placed at 1454.95 and 1030.10 respectively.

There are six uptrend counters and two down trend counters in the top-10 tradable list. All the counters in the top-10 tradable list are likely to be under threat for Monday's trading. There are four opportunities on the buy side and ample opportunities on the sell side for Monday's trading. The best is likely to be selling in ITC. This counter is in uptrend. Bear 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.