The Hindu Business Line : Bull run continues

Bull run continued 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 in their favour. On the contrary, the prevailing bullish sentiment is likely to be further strengthened.

NIFTY FUTURES

The December month contract opened with a bull gap of around 5 points from its previous close.

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The December month contract moved within a range of around 59 points making an intraday high of 3865. The December month contract closed with a gain of around 38 points from its previous close.

The short position in the December month contract exited and entered long. 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

The composition and the ranking of the top-10 tradable counters had no changes. The top-3 tradable counters in this segment were Tata Steel, Century Tex and India Cements.

All the counters in the top-10 tradable list are likely to be under threat for Monday's trading.

There are two buying opportunities likely to exist at Bank of India and Tata Motors. On the other hand, there are ample selling opportunities for Monday's trading.

The best is likely to be selling in State Bank of India. 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. There are four uptrend and six downtrend counters in the top-10 tradable list. Three uptrend and five downtrend counters are likely to be terminated during Monday's trading. There are each five opportunities on both the sides of trading.

The best is likely to be buying in BHEL. This counter is in downtrend. Bull move on Monday 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.