The Hindu Business Line : Bulls prevail

Bulls prevailed over Friday's trading activity. The sentiment reading of the tradable counters changed to bullish. Bear move on Monday is likely to change the sentiment reading to bearish. On the other hand, the bullish sentiment is likely to be further strengthened with additional counters.

NIFTY FUTURES

The November month contract opened with a bull gap around 4 points from its previous close. The November month contract moved with in a range of around 55 points making an intraday high of 3755.25. It closed with a gain of around 58 points from its previous close.

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The November month contract entered a new long position. The long exit and short entry levels are placed quite far away from its last traded price. In the normal course of trading during Monday these levels are unlikely to be triggered.

STOCK FUTURES

The composition and ranking of the top-10 tradable list had no changes. The top-3 tradable counters in this segment were Reliance Industries, Tata steel and Century Tex.

Most of the counters in the top-10 tradable list are in uptrend. All the uptrend counters are likely to be under threat for Monday's trading. On the other hand the downtrend counter Tata steel is likely to be terminated. There are ample selling opportunities and a lone buying opportunity for Monday's trading. The best is likely to be selling in Infosys. This counter is in uptrend. Bear move on Monday is likely to reverse the existing trend in this counter.

CASH SEGMENT

The composition and ranking of the top-10 tradable list had no changes. All the downtrend counters in the top-10 tradable list are likely to be under threat for Monday's trading. On the other hand, four uptrend counters are likely to be terminated. There are four opportunities on either side for Monday's trading. The best is likely to be buying in ITC. 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.