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K. Premkumar

BULLS were in total charge of Monday's trading activity. Their dominance left the bears stranded. The sentiment reading of the tradable counters is strongly bullish with no downtrend counters. Bear domination on Tuesday is likely to terminate most of the uptrend counters in the list. Otherwise, the prevailing bullish sentiment is likely to continue with a slight change in value.

Nifty Futures Recommendation: The near-month May contract opened two points lower and went further down by another three points. Bears failed to capitalise on it, as they yielded to bull pressure. The May contract moved within a band of 19 points, registering an intra-day high of 1988.00. It closed with a gain of around eight points over the previous close.

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The long position in the May contract is now locked with a profit of 50 points. Bear domination on Tuesday has the potential to terminate the uptrend in the May contract. The bearish trigger level for the May contract is placed quite far away.

Stock Futures Recommendation: The composition of the top-10 tradable counters remains unchanged. Tata Steel, Reliance and Satyam were the top three traded counters in this segment.

Bear domination on Tuesday is likely to terminate most of the uptrend counters in the list. Buying opportunities are likely to exist in three counters, while selling opportunities are likely in five counters.

The best bet for Tuesday's trading is likely to be buying in Union Bank. This counter is in the sideways mode and the bullish trigger level is placed closer to the current level. Bull pressure on Tuesday is likely to trigger the uptrend in Union Bank.

Cash Segment: There were no new entries or exits to the top-10 tradable counters. The ranking of the list had few changes. Maruti moved to the seventh position, followed by Tata Motors and Wipro.

All the counters in the list are in the uptrend. For Tuesday, most of them are likely to be under threat. Traders are left with opportunities in four counters on the selling side for Tuesday's trading. The best bet is likely to be SAIL. The exit and sell level for this counter is placed closer to the last traded price. A bear move on Tuesday has the potential to reverse the prevailing uptrend in SAIL.

(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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