The Hindu Business Line : Volatile movement

Friday's trading activity witnessed volatile movement. The sentiment reading of the tradable counters remains 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 March contract opened with a bear gap of around 29 points from its previous close. It contract moved within a range of around 54 points, clocking an intra-day high of 3,904.45. The contract closed with a loss of around 10 points from its previous close.

The long position in the contract remains intact and has a locked profit of around 190 points. The long exit and short entry levels are placed quite nearer to its last traded price. These levels are likely to be triggered during Monday's trading.

Stock Futures

The composition of the top 10 tradable list had no changes. However, the ranking had minor changes. SBI moved up in the ranking while ACC moved down. The top three tradable counters in this segment were Century Tex, ICICI Bank and Reliance Industries.

Most of the counters in the top 10 tradable list are in uptrend. Except Reliance Capital, all uptrend counters are likely to be under threat for Monday's trading.

There are ample selling opportunities and a lone buying opportunity for Monday's trading. The best among them is likely to be selling in Tata Steel. This counter is in uptrend. Bear move on Monday is likely to reverse the prevailing trend in this counter.

Cash Segment

The composition and ranking of the top 10 tradable list had no changes. The long exit level for Tata Motors is placed at Rs 783.95.

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There are seven uptrend counters and three downtrend counters in the top 10 tradable list.

Except BHEL, other uptrend counters are likely to be under threat for Monday's trading. On the other hand, the downtrend counters Infosys and ICICI Bank are likely to be terminated.

There are ample selling opportunities and two buying opportunities for Monday's trading. The best among them is likely to be selling in TCS. This counter is in uptrend. Bear 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.