The Hindu Business Line : Bulls prevail

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. On the contrary, the current sentiment reading is likely to be strengthened with additional counters.

Nifty futures

The December contract opened with a bull gap of around 22 points from its previous close. It moved within a range of around 78 points and closed with a gain of 73 points from its previous close.

The long position in the December Nifty contract is intact. The long exit and short entry levels are placed quite far away from its last traded price. These levels are unlikely to be triggered during Tuesday’s trading.

Stock futures

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The composition and the ranking of the top-10 list had minor changes. HPCL made its way to top-10 list pushing out ONGC. HPCL occupied last position in the top 1-10 list. BHEL moved one step higher in the list. The long exit level for ONGC is placed at 1153.60.

Except HPCL, all other counters in the list are in uptrend. The uptrend counters Reliance Industries, NTPC, IDBI, SBI and ICICI Bank are likely to be under thereat on Tuesday. On the other hand, bull move on Tuesday is likely to terminate the downtrend on HPCL.

A lone buying opportunity is likely to exist in HPCL. Selling opportunities are likely to exist in Reliance Industries, NTPC, IDBI, SBI and ICICI Bank. The best among the above is likely to be selling in NTPC. This counter is in uptrend. Bear move on Tuesday is likely to reverse the trend in this counter.

Cash segment

The composition and the ranking of the top-10 list had minor changes. Suzlon made its way to top-10 list pushing out ONGC. Suzlon occupied last position in the list. Reliance Energy and Reliance Industries interchanged their positions. Reliance Capital and ICICI Bank interchanged their positions.

All the counters in the top-10 list are in uptrend. Except Reliance Energy, Reliance Capital and BHEL all other 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 Reliance Industries, ICICI Bank, Infosys, SBI, IDBI, SAIL and Suzlon.

The best among the above is likely to be selling in ICICI Bank. This counter is in uptrend. 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.