The Hindu Business Line : Bull Run continues

Bull run continued over Monday's trading activity. The sentiment reading of the tradable counters remains bullish. Bear move on Tuesday is likely to change the sentiment reading in their favour. On the contrary, the prevailing bullish sentiment is likely to be further strengthened with additional counters.

NIFTY FUTURES

The October month contract opened with a bull gap of around 96 points from its previous close. The October contract moved with in a range of around 85 points making an intraday high of 3775. It closed with a gain of around 51 points from its previous close.

The long position in the October contract remains intact. The long exit and short entry levels are placed quite far away from its last traded price. In the normal course of trading, these levels are unlikely to be triggered during trading on Tuesday.

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 Reliance Industries, Tata Consultancy Services and Hindalco.

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There are seven uptrend counters and two down trend counters in the top-10 tradable list. All the counters in the tradable list are likely to be under threat for Tuesday's trading. There are three opportunities on the buy side and ample opportunities on the sell side for Tuesday's trading. The best is likely to be selling in ACC. This counter is in uptrend. Bear move on Tuesday is likely to change the prevailing trend in this counter.

CASH SEGMENT

The composition and the ranking of the top-10 tradable list had no changes. There are five uptrend counters and four down trend counters in the top-10 tradable list. All the uptrend counters in the list are likely to be under threat for Tuesday's trading.

On the other hand, three down trend counters are likely to be terminated. There are four opportunities on the buy side and three opportunities on the sell side for Tuesday's trading.

The best is likely to be buying in HDFC Bank. This counter is in side ways mode. Bull move on Tuesday is likely to initiate a fresh uptrend 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.