The Hindu Business Line : Volatile movement

Bull move on Monday is likely to change the sentiment reading in their favour. On the contrary, the prevailing bearish sentiment is likely to be further strengthened.

Nifty Futures: The July month contract opened with a bull gap of around 32 points from its previous close. However, the bulls were not able to sustain their initial momentum and gave way to the bears.

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The contract moved within a range of 44 points before closing with a loss of one point.

The long position in the July month contract is undisturbed. The long exit and short entry levels are quite far away from its last traded price. These levels are unlikely to be triggered during Monday’s trading activity.

Stock Futures: The composition of the top 10 tradable list had no changes. However, the ranking of the list had minor changes.

IDBI moved from third to sixth position, while Tata Steel moved from fifth to third position. Reliance Capital moved one notch higher.

Except Reliance Industries, Tata Steel and Reliance Capital, all counters in the list are in downtrend. Among uptrend counters, Reliance Capital is under threat for Monday’s trading.

Bull domination on Monday is likely to terminate SBI, Century Textiles and ICICI Bank.

Buying opportunities are likely to exist in SBI, Century Textiles and ICICI Bank.

Selling opportunity is likely to exist in Reliance Capital, which is also likely to be the best. This counter is in uptrend. Bear move on Monday is likely to reverse the trend in this counter.

Cash Segment: The composition and the ranking of the top 10 tradable list had minor changes. Tata Steel made its way into the list, pushing out BHEL.

Tata Steel occupied seventh position in the list.

Hindalco moved from seventh to ninth position, while TCS moved one step lower.

Reliance Industries, Infosys, SAIL, Tata Steel and TCS are in uptrend.

ACC, SBI, IDBI, Satyam and Hindalco are in downtrend.

Among the uptrend counters, Infosys, SAIL and TCS are under threat for Monday’s trading.

Bull domination on Monday is likely to terminate SBI, Satyam and Hindalco.

Buying opportunities are likely to exist in SBI, Satyam and Hindalco.

Selling opportunities are likely to exist in Infosys, SAIL and TCS.

The best among the above is likely to be selling in Infosys. This counter is in uptrend. Bear move on Monday is likely to reverse the 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.