The Hindu Business Line : Bull domination

Monday's trading activity witnessed bull domination. The sentiment reading of the tradable counters changed to 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 continue.

Nifty Futures: The August month contract opened with a bull gap of around 22 points from its previous close. It moved within a range of around 65 points, before closing with a gain of 61 points from previous close. Bull domination during the day initiated a fresh uptrend in the contract. The long exit and short entry levels are placed far away from its last traded price. These levels are unlikely to be triggered during Tuesday's trading activity.

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Stock Futures: The composition of the top 10 tradable list had no changes. However, the ranking had minor changes. SBI and Reliance Capital interchanged their positions, as did IDBI and Tata Steel.

All counters in the list are in uptrend. Except IDBI all the uptrend counters are likely to be under threat for Tuesday's trading.

There are no buying opportunities for Tuesday's trading. Selling opportunities are likely to exist in all counters, except IDBI. The best among them is likely to be selling in BHEL. This counter is in uptrend. Bear move on Tuesday is likely to reverse the existing trend in this counter.

Cash Segment: The composition of the top 10 tradable list had no changes. However, the ranking had minor changes. IDBI moved from eighth to sixth position, while BHEL and ITC moved one step lower.

The short exit level for Hindalco is placed at Rs 153.85. The long exit level for ACC is placed at Rs 1,004.95.

All counters in the list are in uptrend. Except IDBI all the uptrend counters are under threat for Tuesday's trading.

Selling opportunities are likely to exist in all the counters except IDBI.

The best among the above is likely to be selling in BHEL. This counter is in uptrend. Bear move on Tuesday is likely to reverse the existing 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.