The Hindu Business Line : Volatile movement

Bear move on Friday 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

The October month contract opened with a bear gap of around 14 points from its previous close.

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The October month contract moved within a range of around 99 points. The October month contract closed with a gain of around 3 points from its previous close.

The long position in the October Month contract is undisturbed. The long exit and short entry levels are placed quite faraway from its last traded price. These levels are unlikely to be triggered during Friday’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.

IDBI moved down from sixth to eighth position in the list. NTPC and ICICI Bank moved one step higher in the list.

Except Reliance Industries, SBI, ICICI Bank and IDBI all other counters in the top-10 tradable list are in uptrend. The uptrend counters Tata Power and Infosys are likely to be under threat for Friday’s trading. On the other hand, bull domination on Friday is likely to terminate all downtrend counters. Buying opportunities are likely to exist in Reliance Industries, SBI, ICICI Bank and IDBI. Selling opportunities are likely to exist in Tata Power and Infosys. The best is likely to be buying in Reliance Industries.

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

CASH SEGMENT

The composition of the top-10 tradable list had no changes. However, the ranking of the top-10 list had minor changes. Reliance Capital and Reliance Industries interchanged their positions. Tata Power and IDBI interchanged their positions.

Except ICICI Bank, SBI and IDBI all other counters in the top-10 tradable list are in uptrend.

The uptrend counters Reliance Industries, Infosys and SAIL are likely to be under threat for Friday’s trading. On the other hand, bull domination on Friday is likely to terminate all downtrend counters. Buying opportunities are likely to exist in ICICI Bank, SBI and IDBI.

Selling opportunities are likely to exist in Reliance Industries, Infosys and SAIL.

The best is likely to be buying in ICICI Bank. This counter is in downtrend. Bull pressure on Friday 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.