The Hindu Business Line : Volatile movement

Thursday's trading activity witnessed a volatile movement. The sentiment reading of the tradable counters turned bearish. Bull move on Friday has the potential to change the sentiment reading in their favour.

On the contrary, the prevailing bearish sentiment is likely to be further strengthened with additional counters.

NIFTY FUTURES

The April contract opened with a bear gap of around 59 points. It moved within a range of around 76 points and closed with a loss of around 13 points from its previous close.

The long position in the April contract remains intact, locking in a decent profit of 90 points.

The long exit and short entry levels are placed far away from its last traded price and unlikely to be triggered during Friday's trading activity.

STOCK FUTURES

The composition of the top-10 tradable list remains intact. There is a minor change in the ranking. Reliance Capital and Satyam interchanged their positions.

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ACC moved from last to eighth position in the top-10 tradable list. The top-3 tradable counters in this segment were SBI, Reliance and Tata Steel. The long exit level for ACC is placed at 776.80.

There are five uptrend and five downtrend counters in the top-10 tradable list. Three uptrend counters are under threat for Friday's trading. There are three selling and five buying opportunity for Friday's trading.

The best among them is likely to be selling in ACC. This counter is in uptrend. Bear move on Friday is likely to change the trend.

CASH SEGMENT

There is no change in the composition and ranking of the top-10 tradable list. Buying opportunities exist in most of the downtrend counters in the top-10 tradable list for Friday's trading.

The best opportunity is likely to exist in selling TCS. This counter is in downtrend. Bull move on Friday has a potential to change it to uptrend 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.