The Hindu Business Line : Bull onslaught

However, the sentiment reading of the tradable counters continues to remain bearish. Bull domination on Tuesday is likely to change the sentiment reading in its favour. On the contrary, the prevailing sentiment is likely to continue with a slight change in its value.

Nifty Futures Recommendation: During the initial hour of the day's trading, the January contract fell by 30 points. Bears failed to capitalise on it as bulls took over and wiped out their early losses. The intra-day movement in the January contract was around 69 points. It closed with a gain of 44 points with respect to previous close.

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Bull domination during the day led to the termination of the downtrend in the January contract. The short position exited with the marginal loss of four points. Bull domination on Tuesday has the potential to initiate the uptrend in the January contract.

Stock Futures Recommendation: The composition and ranking of the top-10 tradable list had a minor change. Maruti gained entry with exit of ACC. ONGC moved to eighth position followed by Tata Power. The exit level for the short position in ACC is placed at 259.65.

Bull domination on Monday could be a threat to the downtrend in Satyam Computer, Maruti and ONGC. Buying opportunities are likely to exist in CNX IT, ONGC, Reliance and Tata Steel. A lone selling opportunity is likely to exist in CNX IT. The best bet is likely to be in Tata Steel. This counter is in sideways mode. Its bullish trigger level is placed closer to its current level. Bull domination on Tuesday is likely to trigger this level.

Cash Segment: There were no new entries or exits to the top-10 tradable list. The ranking of the list too remains unchanged. Bull domination on Tuesday could be a threat to the downtrend in Tata Steel, Infosys and Maruti.

Traders are having only buying opportunities for Tuesday's trading activity.

This is likely to exist in Reliance, SAIL, Infosys and ONGC. The best among the above is likely to be Reliance. This counter is in the sideways mode. Its buy level is placed very close to its last traded price.

Bull pressure on Tuesday is likely to initiate the uptrend 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 Chennai-based technical analyst and fund management consultant.