The Hindu Business Line : Bear domination

May month contract opened with a bear gap of around 16 points from its previous close. The contract moved within a range of around 89 points making an intra-day high of 4142.8. It closed with a loss of around 51 points from its previous close.

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The short position in the contract remains intact.

The short exit and long entry levels are placed 35 points away from its last traded price. These levels are likely to be triggered during Wednesday's trading activity.

STOCK FUTURES

The composition of the top-10 tradable list has no changes. Century Tex moved from eighth to seventh position made a minor change in the ranking of the other counters.

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

There are two up trend and eight down trend counters in the list.

A lone up trend counter ACC is under threat for Wednesday. Four buying and one selling opportunities exist in the list. Selling ACC would be a good move. Bear move on Wednesday is likely to reverse the trend in this counter.

CASH SEGMENT

The composition and ranking of the top-10 tradable counters has minor changes. ACC made its way to top-10 tradable lists pushing out BHEL and occupied ninth position. The short exit level for the BHEL is placed at Rs 2,516.95

There are two up trend and eighth down trend counters in the list. SAIL is under threat for Wednesday.

There are seven buying and one selling opportunities in the list. The best candidate is likely to be buying Tata Motors. This counter is in downtrend. Bull move on Wednesday is likely to reverse the 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.