The Hindu Business Line : Bull domination

Bulls dominated over Monday's trading activity. The sentiment reading of the tradable counters changed to bullish. Bear move on Tuesday has the potential to change the sentiment reading in their favour. On the contrary, the prevailing bull trend is likely to be further strengthened with additional counters.

Nifty Futures: The May month contract opened with a bull gap of around 42 points from its previous close. It moved within a range of around 38 points making an intra-day high of 4159.60 and closed with a gain of around 61 points from its previous close.

The short position in the May month contract is exited and a fresh uptrend initiated. The long exit and short entry levels are placed 15 points away from its last traded price. These levels are likely to be trigger during Tuesday's trading activity.

Stock Futures: The composition and ranking of the top-10 tradable list has no changes. The top-3 tradable counters in this segment were IDBI, SBI and Reliance.

Except Century Textiles all other counters in the top-10 tradable list are in uptrend. There are six uptrend counters in the list under threat for Tuesday. There are six selling and one buying opportunities likely to exist in the list. The best among the above is likely to be selling in Reliance. This counter is in uptrend. Bear move on Tuesday is likely reverse the trend in this counter.

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Cash Segment: The composition of the top-10 tradable counters has minor changes due to IDBI. IDBI made its way to top-10 tradable lists pushing out ONGC and occupied ninth position.

All counters in the top-10 tradable list are in uptrend. Most of the counters in the list are under threat for Tuesday. There are eight selling opportunities likely to exist in the list. The best candidate is likely to be the selling in TCS. Bear move on Tuesday 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.