The Hindu Business Line : Bulls prevail

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

NIFTY FUTURES

The December month contract opened with a bear gap of around 5 points from its previous close. The December month contract moved within a range of around 93 points making an intraday high of 3842. The December month contract closed with a gain of around 30 points from its previous close.

The short position in the December month contract remains intact. 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 ranking of the list had minor changes. Reliance capital and NTPC interchanged their positions. The top-3 tradable counters in this segment were Reliance communications, Reliance Industries and Century Tex.

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Except Reliance capital, other counters are in the top-10 tradable list are in downtrend. Except I-flex, other downtrend counters are likely to be under threat for Friday's trading. There are ample buying opportunities for Friday's trading. The best is likely to be buying in ACC. This counter is in downtrend. Bull move on Friday is likely to reverse the trend in this counter.

CASH SEGMENT

The composition and ranking of the top-10 tradable list had no changes. All other counters in the top-10 tradable list are in downtrend. Except Zeetele and i-flex, other counters are likely to be under threat for Friday's trading. There are ample buying opportunities in the list. The best is likely to be buying in ACC. This counter is in downtrend. Bull move on Friday is likely to reverse the prevailing 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.