The Hindu Business Line : Bear domination

Bull domination on Monday 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

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The March contract opened with a bear gap of around 132 points from its previous close. The March contract moved within a range of around 160 points and closed with a loss of around 198 points from its previous close.

The downtrend in the Nifty March 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 Monday’s trading.

STOCK FUTURES

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

All the counters in the top-10 list are in downtrend. Bull move on Monday is likely to terminate BHEL and Infosys.

Buying opportunities are likely to exist in BHEL and Infosys. There are no selling opportunities for Monday’s trading. The best among the above is likely to be buying in BHEL. This counter is in downtrend. Bull move on Monday is likely to reverse the existing trend in this counter.

CASH SEGMENT

The composition of the top-10 list had no changes. However, the ranking of the top-10 list had minor changes. Reliance Energy and Reliance Capital interchanged their positions.

Except HDFC all other counters in the top-10 list are in downtrend. The uptrend counter HDFC is likely to be under threat for Monday’s trading.

On the other hand, bull move on Monday is likely to terminate SAIL and BHEL. Buying opportunities are likely to exist in SAIL and BHEL.

A lone selling opportunity is likely to exist in HDFC. The best among the above is likely to be buying in SAIL.

This counter is in downtrend. Bull move on Monday 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.