The Hindu Business Line : Bull grip continues

THE sentiment reading of the tradable counters remains bullish. Bear domination on Monday is likely to change the sentiment reading in their favour. On the contrary, the sentiment reading will be further strengthened with additional counters.

Nifty futures recommendation: The December month contract opened with a bull gap of around 5 points. The November contract moved with in a range of 32 points making an all-time high of 2671.95. It closed with a gain of around 32 points from its previous close.

A new long position is initiated in the December month contract.

The exit and sell levels for the December month contract are placed quite far away. These levels are unlikely to be triggered during Monday's trading.

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Stock futures recommendation: The composition of the top-10 tradable list had minor changes. However, the ranking of the list had no changes.

Maruti went out from the list and gave way to Hind Lever. The long exit level for Maruti is placed at 603.55.

The top three tradable counters in this segment were Reliance Capital, Reliance and State Bank.

All the uptrend counters in the top-10 tradable list are likely to be under threat for Monday's trading. A lone downtrend counter Tata Steel is likely to be under threat. There are six selling opportunities existing in the list. On the other hand, buying opportunities are likely to exist in four counters in the list.

The best for the Monday is likely to be buying in Tata Motors. This counter is in side ways mode. Bull pressure on Monday is likely to initiate a fresh up trend in this counter.

Cash segment: The composition of the top-10 tradable list had minor changes.

Tata Steel went out of the top-10 tradable list and it is filled by VSNL. The ranking of the top-10 tradable list had major changes. Most of the counters interchanged their positions.

There are no down trend counters in the list. All the uptrend counters in the list are likely to be under threat for Monday's trading. A lone buying opportunity is likely to exist in Ranbaxy. On the other hand, there are ample selling opportunities for Monday's trading. The best for Monday's trading is likely to be selling in India Bulls. This counter is in side ways mode. The sell level of this counter is likely to be triggered during Monday's trading.

(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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