The Hindu Business Line : Bulls prevail

Bulls prevailed over Friday’s trading activity. The sentiment reading of the tradable counters turned bullish. Bear move on Monday is likely to change the sentiment reading in their favour.

On the contrary, the current bullish sentiment is likely to be further strengthened with additional counters.

NIFTY FUTURES

October month contract opened with a bull gap of around 10 points from its previous close. The contract moved within a range of around 53 points.

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It closed with a gain of around 30 points from its previous close.

The bull move during the day initiated fresh uptrend in the October month contract. The long exit and short entry levels are placed quite faraway from its last traded price.

These levels are unlikely to be triggered during Monday’s trading.

STOCK FUTURES

The composition and ranking of the list had minor changes. Reliance Industries went out from the top-10 tradable list and was replaced by Infosys.

Tata Steel and IDBI interchanged their positions. Infosys occupied last position in the top-10 tradable list.

There are no down trend counters in the list. Bear domination is likely to terminate the uptrend in NTPC, Century Textiles, ACC and Infosys, selling opportunities exist in these stocks.

Selling NTPC would be the best move. This counter is in up trend.

Bear move on Monday is likely to trigger the sell level for this counter.
CASH SEGMENT

The composition of the top-10 tradable list had no changes. However, the ranking of tradable counters had minor changes. SBI and IDBI interchanged their positions.

Except HDFC, all the counters in the list are in up trend.

Uptrend in Infosys is likely to be under threat, on the other hand, HDFC is likely to be terminated.

Buying opportunity exists in HDFC and selling opportunity in Infosys.

HDFC is in down trend and bull pressure on Monday is likely to reverse the existing trend.

(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.

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