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K. Premkumar

BULLS were in total command of Monday's trading activity. The sentiment reading of the tradable counters stands bullish. Bear move on Tuesday is likely to reduce the bull count by a considerable margin thereby neutralising the sentiment reading. On the other hand, the prevailing bullish sentiment is likely to be further strengthened.

Nifty futures recommendation: The May month contract opened around Friday's close and lost around five points. Bears failed to capitalise on it as they yielded to bull pressure. The May month contract moved within a band of 32 points. It closed higher with a gain of 24 points over previous close.

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The uptrend in the May contract remains intact. In the normal course of trading on Tuesday, the long position is unlikely to be disturbed. Bearish trigger level for the May contract remains unchanged and is placed far away.

Stock futures recommendation: There were no new entries or exits on the top-10 tradable list. The ranking of the list had few changes. Infosys moved to the fourth position and Maruti to the seventh position.

Bear domination on Tuesday is likely to terminate most of the uptrend counters in the list. On the contrary, the downtrend in Canara Bank and Tata Steel is likely to be under threat. Buying opportunities are likely in four counters. A lone selling opportunity is likely in Tata Motors. The best bet is likely to be buying in Reliance. Buy level for this counter is placed within a rupee from the last trade value. Bull pressure on Tuesday is likely to trigger the uptrend in Reliance.

Cash segment: The top-10 tradable list in this segment underwent a change. PNB gained entry with the exit of Wipro. The ranking of the list remains the same with no major changes. The uptrend in Wipro is likely to terminate at 657.15.

For Tuesday, most of the counters in the list are likely to be under threat. Four opportunities are likely on either side of trading. The best for Tuesday's trading is likely to be the buying in Reliance. This counter is in the sideways mode. Bullish trigger level for this counter is placed closer to the current level. Bull move on Tuesday is likely to initiate the uptrend in Reliance.

(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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