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K. Premkumar

Bears prevailed over Monday's trading activity. The sentiment reading of the tradable counters changed to bearish.

Bull move on Tuesday is likely to change the sentiment reading in its favour.

On the contrary, bear move on Tuesday is likely to strengthen the prevailing sentiment.

Nifty futures

The August month contract opened with a bear gap of around 13 points.

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The August contract moved within a range of around 40 points making an intra-day low of 3,120. It closed with a loss of around 34 points from its previous close.

The short position in the August contract remains intact.

Both the short exit & long 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 of the top-10 tradable list had no changes. However, the ranking of the list had minor changes.

BHEL moved up in the ranking and occupied third position. TCS and ONGC moved down in the ranking and occupied fourth and fifth positions respectively.

The top-3 tradable counters in this segment were Reliance, Tata Steel and SBI.

The exit level for Ranbaxy is placed at 390.95.

Most of the counters in the top-10 tradable list are in downtrend.

All the downtrend counters are likely to be under threat for Tuesday's trading.

On the other hand, the lone uptrend counter BHEL is likely to be terminated during Tuesday's trading.

There are ample buying opportunities for Tuesday's trading.

The best is likely to be buying in i-flex. This counter is in downtrend. Bull move on Tuesday is likely to reverse the existing trend in this counter.

Cash segment

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

All the counters in the list are in downtrend. Except Satyam all the downtrend counters are likely to be under threat for Tuesday's trading.

There are ample buying opportunities for Tuesday's trading.

The best is likely to be buying in VSNL. This counter is in downtrend.

Bull move on Tuesday is likely to trigger the 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.

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