The Hindu Business Line : Bulls prevail

Bulls prevailed over Friday's trading activity. The sentiment reading of the tradable counters turned 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 further strengthened with additional counters.

NIFTY FUTURES

The November month contract opened around its previous close. The November contract moved within a range of around 55 points making an intraday high of 4011.95. The November contract closed with a gain of around 45 points from its previous close.

The December contract entered a fresh 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, these levels are unlikely to be triggered during trading on Monday.

STOCK FUTURES

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The composition and the ranking of the top-10 tradable counters had minor changes. ONGC moved out of the list and gave way to Tata Motors. ICICI Bank moved up to third position and ACC moved down to fourth position. The top-3 tradable counters in this segment were Reliance Industries, IVRCL and SBIN.

Except Centex which is in uptrend, all other counters are in side ways mode. Centex is likely to be terminated during trading on Monday. There are ample opportunities on either side of the Monday's trading. The best bet is likely to be selling in Centex. Bear move on Monday has a potential to trigger the short entry level in this counter.

CASH SEGMENT

The composition and the ranking of the top-10 tradable list had minor changes. Reliance Capital and Tata Steel went out of the list and gave way to SAIL and Tata Motors. The ranking of the list had total revamp.

There are six uptrend counters and four downtrend counters in the top-10 tradable list. There are three uptrend counters in the list are likely to under threat for Monday's trading. There are three opportunities on the sell side likely to exist in ACC, ICICI bank and Infosys. 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.

(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.