The Hindu Business Line : Bull domination

The sentiment reading of the tradable counters stands extremely bullish with all the tradable counters in the uptrend. Bear pressure on Tuesday is likely to terminate most of the uptrend counters in the tradable list thereby neutralising the sentiment reading.

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Otherwise, the prevailing bullish sentiment is likely to continue with a slight change in its value.

Nifty futures recommendation: The February month contract opened with a bull gap of 11 points and made steady gains during the day's trading. Bears were unable to make any impact during the day's trading.

The February contract moved within a band of 44 points. It closed higher with a gain of 49 points over previous close.

The uptrend in the February contract remains intact. The exit and bearish trigger levels for the February contract are still placed far away. These levels are unlikely to be triggered on Tuesday.

Stock futures recommendation: There were no new entries or exits to the top-10 tradable list. The ranking of the list had some changes.

Infosys moved to the top slot followed by State Bank of India, Satyam and Reliance. Trading activity in NTPC was quite hectic on Monday.

Bear move on Tuesday could be a threat to most of the uptrend counters in the tradable list. Traders are left with a lone opportunity for Tuesday's trading. This is likely to exist on short side of ACC.

The exit and sell levels are placed quite closer to its current level. Bear pressure on Tuesday is likely to reverse the prevailing uptrend in ACC.

Cash segment: The composition as well as the ranking of the top-10 tradable list in this segment remains unchanged. Monday's market action had no impact on the recommended counter - ACC.

Bear domination on Tuesday could be a threat to most of the counters in the tradable list. Sell levels for most of the counters are placed at a far away level.

For Tuesday, a lone selling opportunity is likely to exist in ACC.

The exit and bearish trigger levels for this counter is placed quite closer to its last traded price. Bear move on Tuesday has the potential to reverse the prevailing uptrend in ACC.

(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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