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K. Premkumar

Bears prevailed over Monday’s trading activity. The sentiment reading of the tradable counters remains bearish. Bull domination on Tuesday is likely to change the sentiment reading in their favour. On the contrary, the current sentiment reading is likely to continue.

The March month contract opened with a bear gap of around 169 points from its previous close. The March month contract moved within a range of around 177 points. The March month contract closed with a loss of around 301 points from its previous close.

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

The composition of the top-10 list had no changes. However, the ranking of the top-10 list had minor changes. SBI and ICICI Bank interchanged their position. Hindalco and Infosys interchanged their position.

All the counters in the top-10 list are in downtrend. All the exit and entry levels are quite far away from their last traded prices. The nearest level is likely to be buying in ICICI Bank. Bull move on Tuesday is likely to reverse the existing trend in this counter.

The composition and the ranking of the top-10 list had minor changes. Suzlon and HDFC made their ways to top-10 list pushing out Tata Steel and Satyam. Infosys moved from seventh to last position in the list. SBI moved from ninth to seventh position in the list.

All the counters in the top-10 list are in downtrend. All exit and entry levels are quite far away from their last traded prices. The nearest level is likely to be buying in Reliance Industries. Bull 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.

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