The Hindu Business Line : Bull run continues

Bear move on Monday is likely to change the sentiment reading in their favour. On the contrary, the prevailing bullish sentiment is likely to be further strengthened.

Nifty futures

The January contract opened with a bull gap of around 25 points from its previous close. It moved within a range of around 89 points making an intra-day high of 4,065.

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The contract closed with a gain of around 108 points from its previous close.

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

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

Stock futures

The composition and the ranking of the top-10 tradable list had minor changes. Tata Steel and Reliance Capital gave way to ICICI Bank and TCS. ICICI Bank occupied fourth position and TCS occupied 10th position. Bank of India, Satyam, Infosys and ONGC moved up in the ranking.

The long exit levels for Tata Steel and Reliance Capital are placed at 463.95 and 637.65, respectively. The top-3 tradable counters in this segment were Reliance Industries, Reliance Communications and SBI. All the counters in the top-10 tradable list are in uptrend. Century Textiles, Satyam, Infosys and ONGC are likely to be under threat for Monday's trading.

There are four selling opportunities for Monday's trading.

The best among them is likely to be selling in Infosys. This counter is in uptrend. Bear move on Monday is likely to reverse the existing trend in this counter.

Cash segment

The composition and ranking of the top-10 tradable list had minor changes. SBI and Tata Motors gave way to ICICI Bank and TCS.

BHEL moved up, while Polaris moved down in the ranking. The long exit levels for SBI and Tata Motors are placed at 1159.95 and 913.25, respectively.

There are no downtrend counters in the list. Except Reliance Industries, BHEL, ICICI Bank and TCS other counters are likely to be under threat for Monday's trading. There are ample selling opportunities for Monday's trading.

The best among them is likely to be selling in Zee Tele. Bear move on Monday 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.