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K. Premkumar

BEARS were successful to the extent of restricting the bulls from making further gains. Neither the bulls nor the bears could gain much from the day's trading. The sentiment reading of the tradable counters continues to remain strongly bullish. Bear domination on Monday has the potential to change the sentiment reading in its favour.

Nifty Futures Recommendation: During the open, the February month contract gained ten points. Thereafter bears took charge of the day's trading. The February contract moved within a band of 36 points registering an intra-day low of 2064.25. It closed with a loss of six points with respect to its previous close.

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The long position in the February contract remains intact. The exit and bearish trigger levels for the February contract remains around the same level. These levels are still placed far away.

Stock Futures Recommendation: The composition as well as the ranking of the top-10 tradable counters remains intact. The top three traded counters in this segment were Tata Steel, State Bank and NTPC. For those still holding long position in ONGC may do so with the stop loss placed at 836.05.

Except for Infosys, all the other counters in the list are in the uptrend. Bear pressure on Monday is likely to terminate most of the uptrend counters in the list. Buying opportunities are unlikely to exist for Monday's trading. Selling opportunities are likely to exist in six counters. The best bet is likely to be the selling in Tata Motors. The exit and sell levels for this counter are placed quite closer to its current level. Bear move on Monday has the potential to trigger these levels.

Cash Segment: There were no new entries to the top-10 tradable list. The ranking of the list had a minor change. Reliance and State Bank interchanged their positions.

Except for the downtrend in Canara Bank, all the other counters in the list are likely to be under threat. Bears are likely to have opportunity in five counters. A lone buying opportunity is likely to exist in SAIL. Selling in Satyam is likely to be the best for Monday's trading. This counter is in the uptrend. The exit and bearish trigger levels for this counter are placed very close to its last traded price. Bear pressure on Monday is likely to reverse the prevailing uptrend in Canara Bank.

(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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