The Hindu Business Line : Volatile movement

The Friday's trading activity witnessed volatile movement. The sentiment reading of the tradable counters changed to bearish. Bull move on Monday has the potential to change the sentiment reading in their favour. On the contrary, the prevailing bearish is likely to be further strengthened with additional counters.

Nifty Futures: The May month contract opened with a bear gap of around 62 points from its previous close. It moved within a range of around 104 points making an intra-day high of 4094 and closed with a gain of around 32 points from its previous close.

The long position in the May month contract has been exited, initiating a fresh downtrend. The short exit and long entry levels are placed far away from its last traded price. These levels are unlikely to be triggered during Monday's trading activity.

Stock Futures: The composition ranking of the top-10 tradable list has no changes. However, there is a minor change in the ranking.

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IDBI moved from eighth to sixth position in the list. The top-3 tradable counters in this segment were Reliance, SBI and IDBI.

Most of the counters in the top-10 tradable list are in downtrend. There are nine buying opportunities likely to exist in the list. The best among the above is likely to be buying in IDBI.

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

Cash Segment: The composition of the top-10 tradable counters has no changes. However, there is a minor change in the ranking. SAIL moved from sixth to eighth position in the tradable list.

There are eight downtrend and one uptrend counters in the top-10 tradable list. A lone uptrend counter Infosys is under threat for Monday.

There are nine buying and one selling opportunities likely to exist in the list. The best is likely to be buying in SBI. This counter is in downtrend. Bull 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.