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K. Premkumar

Bears prevailed over Friday’s trading activity. The sentiment reading of the tradable counters changed to bearish.

Bull move on Monday is likely to change the sentiment reading in their favour.

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

The October month contract opened with a bear gap of around 19 points from its previous close.

The contract moved within a range of around 232 points and closed with a loss of around 114 points from its previous close.

Bear domination during the day initiated fresh downtrend in Nifty’s October contract. The short exit and long entry levels are placed quite far away from its last traded price.

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

The composition and the ranking of the top-10 list had no changes. Except ONGC, all other counters in the top-10 list are in downtrend.

Bull domination on Monday is likely to terminate Tata Steel. There are no selling opportunities for Monday’s trading. A lone buying opportunity is likely to exist in Tata Steel.

This counter is in downtrend. Bull domination on Monday is likely to reverse the trend in this counter.

The composition and the ranking of the top-10 list had no changes. Except Infosys all other counters in the top-10 tradable list are in downtrend.

The uptrend counter, Infosys, is likely to be under threat for Monday’s trading.

On the other hand, bull domination on Monday is likely to terminate Tata Steel.

Buying opportunity is likely to exist in Tata Steel. Selling opportunity is likely to exist in Infosys.

The best 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.

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