The Hindu Business Line : Bull domination

BULL dominated over Monday's trading activity. The sentiment reading of the tradable counters changed to bullish. Bear pressure on Tuesday is likely to change the sentiment reading in their favour. On the contrary, the bullish sentiment is likely to be strengthened.

Nifty futures recommendation: The February month contract opened with a bear gap of around 16 points. The February month contract moved with in a range of around 93 points making an intraday high of 2998.90. It closed with a gain of around 72 points from its previous close.

The short position in the February month contract exited and entered long in the morning session.

The exit and sell levels for the February month contract are placed quite far away from its last traded price. In the normal course of trading, these levels are unlikely to be triggered during Tuesday's trading.

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Stock futures commendation: The composition of the top-10 tradable list had no changes. However, the ranking of the list had minor changes. ICICI Bank and ONGC interchanged their positions. The top-3 tradable counters in this segment were Reliance, Tata Steel and State Bank.

All the counters in the top-10 tradable list are likely to be terminated during Tuesday's trading. There are four opportunities on the buy side and a lone opportunity on the sell side. The best for Tuesday is likely to be buying in Infosys. This counter is in down trend. Bull pressure on Tuesday is likely to reverse the existing trend in this counter.

Cash segment: The composition and the ranking of the top-10 tradable list had no changes. All the counters in the top-10 tradable list are likely to be under threat for Tuesday's trading. A lone opportunity on the buy side is likely to exist at VSNL. There are four opportunities on the sell side. The best is likely to be selling in State Bank. This counter is in up trend. Bear pressure 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.