The Hindu Business Line : Bulls prevail

THE sentiment reading of the tradable counters changed to bullish. Bear domination on Monday is likely to change the sentiment reading in its favour. On the contrary, the bullish sentiment is likely to be strengthened.

Nifty Futures Recommendation: The December month contract opened with a bull gap of around 2 points and further went up by around 44 points. it moved within a range of around 55 points making an intraday low of 2,758.60. It closed with a gain of around 45 points from its previous close.

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The long position in the December month contract exited in the morning session. The fresh long entry level is placed quite nearer and the short entry level is placed quite far away from its last traded price. Bull move on Monday is likely to initiate a fresh uptrend in December month contract.

Stock Futures Recommendation: The composition and the ranking of the top-10 tradable list had no changes. The top three tradable counters in this segment were State Bank, VSNL and Titan.

All the uptrend and downtrend counters in the top-10 tradable list are likely to be under threat for Monday's trading. There are five opportunities on the buy side and three opportunities on the sell side. The best for Monday's trading is likely to be buying in Tata Motors. This counter is in sideways mode. Bull move on Monday is likely to initiate a fresh uptrend in this counter.

Cash Segment: The composition and the ranking of the top-10 tradable list had minor changes. ONGC moved out of the list and gave way for Siemens Ltd. Reliance Capital and Titan interchanged their positions. VSNL moved down to fifth position and Satyam moved up to third position. The exit level for Tata Steel and ONGC are placed at 364.95 and 1120.95, respectively.

All the positions in the top-10 tradable list are likely to be terminated during Monday's trading. There are five opportunities on the buy side for Monday's trading. The best is likely to be buying in Reliance Capital. This counter is in side ways mode. Bull pressure on Monday is likely to trigger the uptrend in Reliance Capital.

(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.