The Hindu Business Line : Volatile movement

Bear domination on Monday is likely to change the sentiment reading in their favour. On the contrary, the current sentiment reading is likely to be strengthened.

NIFTY FUTURES

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The March contract opened with a bull gap of around 145 points from its previous close. The March contract moved within a range of around 183 points and closed with a gain of around 43 points from its previous close.

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

STOCK FUTURES

The composition of the top-10 list had no changes. However, the ranking of the top-10 list had minor changes. Reliance Industries and Reliance Energy interchanged their positions. Infosys and Satyam interchanged their positions.

Except Reliance Industries, Tata Steel and Hindalco all other counters in the top-10 list are in uptrend. Except ICICI Bank and Satyam all other uptrend counters are likely to be under threat for Monday’s trading. There are no buying opportunities for Monday’s trading. Selling opportunities are likely to exist in Reliance Capital, Reliance Energy, SBI, NTPC and Infosys. The best is likely to be selling in SBI. This counter is in uptrend. Bear move on Monday is likely to reverse the existing trend in this counter.

CASH SEGMENT

The composition and the ranking of the top-10 list had no changes.

Except SAIL, HDFC, Suzlon and Tata Steel all other counters in the top-10 list are in uptrend.

All the uptrend counters are likely to be under threat for Monday’s trading. There are no buying opportunities for Monday’s trading. Selling opportunities are likely to exist in Reliance Capital, Reliance Industries, Reliance Energy, ICICI Bank, SBI and BHEL.

The best is likely to be selling in BHEL. This counter is in uptrend. Bear move on Monday is likely to reverse the existing 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.