The Hindu Business Line : Volatile movement

Monday's trading activity witnessed volatile movement. The sentiment reading of the tradable counters remains bullish. Bear move on Tuesday 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 March contract opened around its previous close. The March contract moved within a range of around 79 points making an intra-day high of 3774.05. It closed with a gain of around 38 points from its previous close. The long position in the March contract remains intact. The long exit and short entry levels are placed quite nearer to its 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 had minor changes. ACC and Tata Steel moved up in the ranking while ICICI and IDBI moved down.

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There are six uptrend counters and three downtrend counters in the top-10 tradable list. Except Century Tex, other uptrend counters are likely to be under threat for Tuesday's trading. On the other hand, the downtrend counters Reliance Industries and SBI are likely to be terminated. There are ample selling opportunities and three buying opportunities for Tuesday's trading. The best among them is likely to be selling in Hindalco. This counter is in sideways mode. Bear move on Tuesday is likely to initiate a fresh downtrend in this counter.

CASH SEGMENT

The composition and ranking of the top-10 tradable list had minor changes. Zee Tele gave way to SBI. SBI occupied ninth position in the ranking. Hindalco and Tata Steel moved up in the ranking while Satyam and IDBI moved down. The Zee Tele is placed at 226.95.

There are six uptrend counters and three downtrend counters in the top-10 tradable list. All the uptrend counters are likely to be under threat for Tuesday's trading. On the other hand, the downtrend counters SBI and IDBI are likely to be terminated. There are ample selling opportunities and three buying opportunities for Tuesday's trading. The best among them is likely to be selling in Hindalco. This counter is in sideways mode. Bear move on Tuesday is likely to initiate a fresh downtrend 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.