The Hindu Business Line : Volatile movement

Thursday's trading activity witnessed volatile movement. The sentiment reading of the tradable counters remained marginally bullish. Bear move on Friday is likely to change the sentiment reading in their favour. On the contrary, the prevailing bullish sentiment is likely to be further strengthened.

Nifty Futures

The December month contract opened around its previous close. It moved within a range of around 26 points, clocking an intra-day high of 4,026, before closing with a gain of six points from its previous close.

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

Stock Futures

The composition and the ranking of the top 10 tradable counters had minor changes. ICICI Bank moved out of the list, giving way to Punjab National Bank.

Reliance Industries and Tata Motors moved up to fifth and eighth ranks, respectively. The top three tradable counters in this segment were Reliance Industries, SBI and Century Textiles.

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There are six uptrend counters and four downtrend counters in the top 10 tradable list. Except SBI, all others counters in the list are likely to be under threat for Friday's trading.

There are four buying and five selling opportunities for Friday's trading. The best bet is likely to be buying in Bank of India. Bull move on Friday is likely to reverse the existing trend in this counter.

Cash Segment

The composition of the list had no changes. The ranking of the list had minor changes. Reliance Industries and Satyam interchanged their positions.

There are six uptrend counters and four downtrend counters in the list. All the counters in the list are likely to be terminated during Friday's trading.

There are four opportunities on the bull side and ample opportunities on the sell side for Friday's trading. The best is likely to be buying in Zee Telefilms. This counter is in downtrend. Bull move on Friday is likely to reverse the prevailing trend in Zee.

(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.