The Hindu Business Line : Bull domination continues

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 recommendation: The March month contract opened with a bull gap of around seven points. The March month contract moved with in a range of around 46 points making an intraday high of 3189. It closed with a gain of around 48 points from its previous close.

The long position in the March month contract is intact. The long exit and short entry levels are placed quite far away from its last traded price.

In the normal course of trading, these levels are unlikely to be triggered during Tuesday's trading.

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Stock futures recommendation: The composition and the ranking of the top-10 tradable list had minor changes.

BOB went out of the list and gave way to REL. Reliance and Tatamotors interchanged their positions.

The long exit levels for ICICI and BOB are placed at Rs 605.05 and Rs 227.65 respectively. The top-3 tradable counters in this segment were Reliance, Tata Steel and Tata Motors.

All the uptrend counters in the top-10 tradable list are likely to be terminated during Tuesday's trading. On the other hand, there are no down trend counters in the list.

ONGC is likely to have buying opportunity for Tuesday's trading. There are ample opportunities on the sell side.

The best is likely to be selling in State Bank of India. This counter is in uptrend. Bear pressure on Tuesday is likely to initiate the downtrend in this counter.

Cash segment: The composition and the ranking of the top-10 tradable list had minor changes. ONGC went out of the list and gave way to Titan Industries.

Reliance Capital and Satyam moved down to eighth and ninth positions respectively.

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

On the other hand Infosys and L&T are likely to be terminated.

There are two opportunities on the buy side and four 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 prevailing 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.