The Hindu Business Line : Bulls prevail

Bear domination on Tuesday is likely to change the sentiment reading in its favour. On the contrary, the prevailing bullish sentiment is likely to be further strengthened with additional counters.

Nifty futures

The July month contract opened with a bull gap of around 10 points. It moved within a range of around 49 points making an intra-day high of 3142.40. It closed with a gain of around 4 points from its previous close.

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The long position in the July 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.

Stock futures

The composition of the top-10 tradable list had no changes.

However the ranking of the list had minor changes. BHEL and Hindalco moved up to the fifth and sixth positions and pushing down Satyam to the last position. The top-3 tradable counters in this segment were Reliance, Tata Steel and Reliance Capital.

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

There are no downtrend counters in the list. There are ample opportunities on the bear side.

The best is likely to be selling in ACC. This counter is in uptrend. Bear move on Tuesday is likely to trigger the downtrend in this counter.

Cash Segment

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

Except Tata Steel all other counters in the list are likely to be terminated during Tuesday's trading. There are no downtrend counters in the list.

There is a lone opportunity on the buy side and ample opportunities on the sell side. The best is likely to be buying in Tata Steel. This counter is in side ways mode.

Bull move on Tuesday is likely to initiate a fresh uptrend 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.