The Hindu Business Line : Volatile movement

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

NIFTY FUTURES

The March contract opened with a bull gap of around 51 points from its previous close. The March contract moved within a range of around 81 points making an intraday high of 3688.35. The March contract closed with a gain of around 20 points from its previous close.

The short position in the March contract exited and entered long. The long exit and short entry levels are placed quite nearer to its last traded price. These levels are likely to be triggered during Friday's trading.

STOCK FUTURES

The composition of the top-10 tradable list had no changes. However, the ranking had minor changes. ACC and Tata Steel moved up in the ranking while SBI and ICICI moved down. The top-3 tradable counters in this segment included Reliance Industries and SBI.

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There are six uptrend counters and three downtrend counters in the top-10 tradable list. All the uptrend counters are likely to be under threat for Friday's trading. On the other hand, the downtrend counters Reliance Industries and SBI are likely to be terminated.

There are ample selling opportunities and two buying opportunities for Friday's trading. The best among them is likely to be selling in Reliance Capital. This counter is in sideways mode. Bear move on Friday is likely to initiate a fresh downtrend in this counter.

CASH SEGMENT

The composition of the top-10 tradable list had no changes. However, the ranking had minor changes. Infosys, ACC, SAIL, Satyam, ITC and TCS moved up in the ranking while Reliance Industries, ICICI and SBI moved down.

Most of the counters in the top-10 tradable list are in uptrend. All the uptrend counters are likely to be under threat for Friday's trading. There are ample selling opportunities for Friday's trading. The best among them is likely to be selling in Reliance Industries. This counter is in uptrend. Bear 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.