The Hindu Business Line : Bull domination

Bulls dominated over Monday's trading activity. The sentiment reading of the tradable counters remains bullish. Bear pressure on Tuesday is likely to change the sentiment reading in their favour. On the contrary, the prevailing bullish sentiment is likely to be further strengthened with additional counters.

Nifty futures: The February month contract opened with a bull gap of around one point. The February month contract moved with in a range of around 17 points making an intraday high of 3,062. It closed with a loss of around nine points from its previous close.

The Long position in the March contract remains intact. The exit and sell levels are placed quite nearer to its last traded price. These levels are likely to be triggered during Tuesday's trading.

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Stock futures: The composition and the ranking of the top-10 tradable list had minor changes. Rel went out of the list and gave way to BOB. Satyam and Tata steel interchanged their positions. State Bank moved up to first position and Tata Steel moved down to second position. The top-3 tradable counters in this segment were Reliance Capital, Tata Steel and Satyam.

All the uptrend counters in the top-10 tradable list are likely to be under threat for Tuesday's trading. On the other hand three down trend counters are likely to be terminated. There are three opportunities on the buy side and ample opportunities on the sell side. The best is likely to be selling in Tata Motors. This counter is in uptrend. Bear 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. Titan and L&T interchanged their positions.

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

On the other hand, two down trend counters are under threat. There are two opportunities on the buy side and five opportunities on the sell side.

The best is likely to be selling in VSNL. This counter is in uptrend. Bear 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.