The Hindu Business Line : Bull run continues

Bulls prevailed over Monday's trading activity. The sentiment reading of the tradable counters remains bullish. Bear move on Tuesday is likely to change the sentiment reading in their favour.

NIFTY FUTURES

The April contract opened with a bull gap of around 22 points from its previous close. The April contract moved within a range of around 95 points making an intraday high of 3833. The April contract closed with a gain of around 106 points from its previous close.

The long position in the April contract remains intact. The long exit and short entry levels are placed far away from its last traded price. These levels are unlikely to be triggered during the normal course of trading during Tuesday.

STOCK FUTURES

The composition and ranking of the top-10 tradable list had minor changes. Satyam gave way to Tata Motors. Tata Motors occupied tenth position in the ranking. Tata Steel moved up in the ranking while ACC moved down. The top-3 tradable counters in this segment were Tata Steel, SBI and SAIL. The short exit level for TCS is placed at 1224.75. The long exit level for Satyam is placed at 458.50.

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All the counters in the top-10 tradable list are in uptrend. Except Century Tex, SBI and Tata Steel, other counters are likely to be under threat for Tuesday's trading. There are ample selling opportunities for Tuesday's trading.

The best among them is likely to be selling in ACC. This counter is in uptrend. Bear move on Tuesday is likely to reverse the prevailing trend in this counter.

CASH SEGMENT

The composition of the top-10 tradable list had no changes. However the ranking had minor changes. Tata Steel, TCS and SBI moved up in the ranking while BHEL, SAIL, Satyam, ITC, and ACC moved down.

All the counters in the top-10 tradable list are in uptrend.

Except Infosys, Tata Steel, ITC and SBI, other counters are likely to be under threat for Tuesday's trading. There are ample selling opportunities for Tuesday's trading.

The best among them is likely to be selling in TCS. This counter is in uptrend. Bear move on Tuesday 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.