The Hindu Business Line : Bulls ablaze

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

Nifty Futures Recommendation: The April month contract opened with a bull gap of around four points.

It moved with in a range of around 72 points clocking an intra-day high of 3,479.90.

The April contract closed with a gain of around 74 points from its previous close.

The long position in the April month contract is intact. The long exit level is placed with a locked profit of 147 points.

The short entry level is placed quite far away from its last traded price. In the normal course of trading these levels are unlikely to be triggered during Tuesday.

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Stock Futures Recommendation: The composition of the top 10 tradable list saw no changes. However, the ranking of the list had minor changes. Maruti and Tata Steel interchanged their positions.

Reliance moved up to fifth position and SBI down to eighth position. The top three tradable counters in this segment were Reliance, Maruti and Tata Motors.

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

There are five opportunities on the sell side. The best is likely to be selling in Reliance. Bear pressure on Tuesday is likely to trigger the downtrend 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. VSNL and Infosys interchanged their positions. Tata Steel and SBI interchanged their positions.

There are no downtrend counters in the top 10 tradable list. All the uptrend counters are likely to be under threat for Tuesday's trading. There are no buying opportunities. Four opportunities are likely to exist in the bear side. The best is likely to be selling in Tata Steel. 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.