The Hindu Business Line : Bear domination

Bears dominated Monday's trading activity. The sentiment reading of the tradable counters remains extremely bearish. Bull pressure on Tuesday is likely to neutralise the sentiment reading. On the contrary, the prevailing bearish sentiment is likely to be continued undisturbed.

Nifty futures

The May month contract opened with a gap of around 3 points. Bears were in total control of the trading activity through out the day. Bears left no opportunity for bulls to stage a comeback. May contract moved within a range of around 200 points. It closed with a loss of around 187 points from its previous close.

The short position in the May contract is locked up with a profit of around 56 points. Both 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 activity.

Stock futures

The composition and the ranking of the top-10 tradable list had no changes. The top-3 tradable counters in this segment were Tata Steel, Reliance and ACC.

There are no uptrend counters in the list. All the counters in the list are in downtrend. All the short exit levels are placed quite far away. MTNL, Satyam and Hindalco are likely to be under threat in case of bull domination during Tuesday's trading.

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The nearest buying level is for Satyam. This counter is in downtrend. Bull pressure on Tuesday is likely to reverse the prevailing downtrend in this counter.

Cash segment

The composition and the ranking of the list remained unchanged.

All the counters in the list are in downtrend. The nearest exit levels are placed for Hind Lever, Ranbaxy and Satyam. The nearest buying level is placed for Satyam. Bull pressure on Monday is likely to trigger the uptrend in Satyam.

(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.