The Hindu Business Line : Bulls prevail

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

Nifty futures recommendation: The December contract opened with a bull gap of around 7 points. The December contract moved with in a range of 32 points making an intra-day high of 2725.95. It closed with a gain of around 34 points from its previous close.

Click here for table

The long position in the December month contract remains intact. The exit and sell levels for the December month contract are placed quite far away. In the normal course of trading, these levels are unlikely to be triggered during Tuesday's trading.

Stock futures recommendation: The composition and the ranking of the top-10 tradable list had minor changes. Hind Lever went out from the list and gave way to Bank of India. The long exit levels for Maruti and Hind Lever are placed at 623.05 and 180.95 respectively.

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

All the uptrend counters in the top-10 tradable list are likely to be terminated during Tuesday's trading. There are no downtrend counters in the list.

Six selling opportunities exist on the sell side for Tuesday's trading. The best for the Tuesday is likely to be selling in ICICI Bank. This counter is in uptrend. Bear pressure on Tuesday is likely reverse the prevailing trend in this counter.

Cash segment: The composition and ranking of the top-10 tradable list had no changes. All the uptrend counters in the list are likely to be under threat for Tuesday's trading. There are no downtrend counters in the list.

There are five selling opportunities on the bear side. The best for Tuesday's trading is likely to be selling in Reliance Capital. This counter is in uptrend. The sell level for this counter is likely to be triggered during Tuesday'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.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page