The Hindu Business Line : Volatile movement

The August month contract opened with a bull gap of around 51 points. However, bulls could not sustain their initial momentum and gave way to bear pressure.

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The August contract moved with in a range of around 57 points making an intraday low of 3099. It closed with a gain of around 2 points from its previous close.

The August contract entered a new long position.

Both the long exit and short entry levels are placed quite nearer to Monday's last traded price.

These levels are likely to be triggered during Tuesday's trading.

Stock Futures

The composition and ranking of the top-10 tradable list had no changes. The top-3 tradable counters in this segment were Tata Steel, Reliance and SBI.

There are five uptrend and four downtrend counters in the top-10 tradable list. The downtrend counters Reliance, Nalco and Bajaj Auto are likely to be under threat for Tuesday's trading. On the other hand, all the uptrend counters in the list are likely to be under threat for Tuesday's trading. Ample selling opportunities and three buying opportunities for Tuesday's trading.

The best is likely to be selling in Tata Motors, which is in uptrend. Bear move on Tuesday is likely to initiate a downtrend in this counter.

Cash Segment

The composition and ranking of the top-10 tradable list had minor changes. L&T moved out giving way to TCS. TCS occupied seventh position in the list.

There are five uptrend counters and one downtrend counter in the list. All the counters are likely to be under threat for Tuesday's trading.

There are ample selling opportunities and two buying opportunities for Tuesday's trading.

The best is likely to be selling in SAIL. This counter is in sideways mode. Bear move on Tuesday is likely to initiate a fresh downtrend 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.