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K. Premkumar

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

NIFTY FUTURES

The March contract opened with a bear gap of around 30 points from its previous close. The March contract moved within a range of around 189 points and closed with a loss of around 115 points from its previous close.

Bear move during the day initiated a fresh downtrend in the Nifty March 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.

The composition of the top-10 list had no changes. However, the ranking had minor changes. Infosys and Hindalco interchanged their position.

Except SBI all other counters in the top-10 list are in downtrend. Bull move on Monday is likely to terminate Hindalco. There are no selling opportunities for Monday’s trading. A lone buying opportunity is likely to exist in Hindalco. This counter is in downtrend. Bull move on Monday is likely to reverse the existing trend in this counter.

The composition and the ranking of the top-10 list had minor changes. SBI made its way to top-10 list pushing out HDFC. Satyam moved from eighth to last position in the list. Tata Steel moved one step higher in the list. The long exit level for HDFC is placed at 2715.20.

Except SAIL, Tata Steel, SBI and Satyam all other counters in the list are in downtrend. The uptrend counter Satyam is 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 Tata Steel and Satyam. The best is likely to be selling in Satyam. 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.

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