The Hindu Business Line : Volatile movement

Friday's market activity witnessed volatile movement. The sentiment reading of the tradable counters changed to bearish. Bull move on Monday is likely to reverse the sentiment reading in their favour.

On the other hand, the prevailing sentiment reading is likely to continue undisturbed.

Nifty Futures Recommendation

The July month contract opened with a bear gap of around 43 points from Thursday's close. The July month contract moved with in a range of around 52 points making an intra-day low of 3056.6. It closed with a loss of around 44 points from its previous close.

Bear move during the day initiated the short position in the July month contract.

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The short exit and long entry levels are placed quite far away from today's last traded price. In the normal course of trading during Monday, these levels are unlikely to be triggered.

Futures recommendation

The composition and ranking of the top-10 tradable list had minor changes. ACC gained entry with the exit of Tata Steel. BHEL moved down to the last position in the list.

The top-3 tradable counters in this segment were Reliance, Tata Steel and Ind Cem.

All the counters in the list are in downtrend. Bull domination on Monday is likely to terminate all the downtrend counters in the list. There are ample buying opportunities for Monday's trading.

The best is likely to be buying in Reliance Industries. This counter is in downtrend. Bull move on Monday is likely to reverse the prevailing trend in this counter.

Cash Segment

The composition and ranking of the top-10 tradable list had no changes. There are no uptrend counters in the list.

All the downtrend counters in the list are likely to be under threat for Monday's trading. Buying opportunities are likely to exist in almost all the counters in the list.

The best among them is likely to be buying in Tata Steel. This counter is in downtrend. Bull move on Monday is likely to reverse the downtrend in Tata Steel.

(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.