The Hindu Business Line : Bull domination

THE bulls dominated over Monday's trading activity. However, the sentiment reading of the tradable counters remains bearish. Bull pressure on Tuesday is likely to change the sentiment reading in their favour.

On the contrary, the bearish sentiment is likely to be further strengthened with additional counters.

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Nifty futures: The February month contract opened with a bear gap of around 10 points. It moved within a range of around 59 points, making an intra-day high of 3,015.

It closed with a gain of around 35 points from its previous close.

The short position in the February month contract remains intact.

The exit and buy levels for the February month contract are placed quite nearer to its last traded price. These levels are likely to be triggered during Tuesday's trading.

Stock futures: The composition and the ranking of the top-10 tradable list had no changes.

The top-3 tradable counters in this segment were Reliance, Tatamotors and Hindlever.

All the counters in the top-10 tradable list are likely to be under threat for Tuesday's trading.

There are ample opportunities on the buy side and three opportunities on the sell side.

The best for Tuesday is likely to be buying in Tata Motors. This counter is in a down trend. Bull pressure on Tuesday is likely to reverse the existing trend in this counter.

Cash segment: The composition of the top-10 tradable list had no changes. However, the ranking of the list had minor changes.

Reliance moved down to third position and pushing up Titan and L&T to first and second positions respectively.

All the counters in the top-10 tradable list are likely to be terminated during Tuesday's trading.

There are ample opportunities on the buy side. A lone opportunity on the sell side likely to exist at Infosys. The best is likely to be buying in Tata Motors. This counter is in down trend. Bull pressure on Tuesday is likely to reverse the existing trend in this counter.

(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.