The Hindu Business Line : Volatile movement

Friday's trading activity witnessed volatile movement. 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 strengthened with additional counters.

NIFTY FUTURES

April contract opened with a bull gap of around 6 points from its previous close. The contract moved within a range of around 34 points making an intra-day low of 3780.05. April contract closed with a loss of around 7 points from its previous close. Bull move on Monday is likely to initiate a fresh uptrend in it.

STOCK FUTURES

The composition and ranking of the top-10 tradable list had no changes. The top-3 tradable counters in this segment were Tata Steel, Infosys and Reliance Industries.

Most of the counters in the list are in up trend. All the up trend counters are likely to be under threat for Monday's trading. There are ample selling opportunities and two buying opportunities for Monday's trading.

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The best among them is likely to be selling in Bank of India. This counter is in sideways mode. Bear move on Monday is likely to initiate a fresh downtrend in this counter.

CASH SEGMENT

The composition and ranking of the top-10 tradable list had minor changes. Tata Steel gave way to BHEL. BHEL occupied tenth position in the ranking. SAIL, ITC and SBI moved up in the ranking while Satyam, ACC and ICICI moved down.

There are seven up trend counters and three downtrend counters in the top-10 tradable list. Except SAIL and ITC, other up trend counters are likely to be under threat for Monday's trading. On the other hand, the downtrend counters TCS and ICICI are likely to be terminated.

There are five selling opportunities and two buying opportunities for Monday's trading.

The best among them is likely to be selling in ACC. This counter is in up trend. 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.