The Hindu Business Line : Bulls prevail

Bulls prevailed 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 November month contract opened around its previous close. It moved within a range of around 36.55 points making an intraday high of 3,869.75 and closed with a gain of around 26 points from its previous close.

The long position in the November month contract remains intact. The long exit and short entry levels are placed quite far to its last traded price. In the normal course of trading, these levels are unlikely to be triggered during Tuesday's trading activity.

STOCK FUTURES

The composition of the top-10 tradable counters had no changes. However, the ranking of the list had minor changes. ICICI bank and SBIN interchanged their positions. The top-3 tradable counters in this segment were Centuri Tex, Reliance Industries and ICICI bank.

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There are five uptrend counters in the list and are likely to be under threat for Tuesday's trading. On the other hand, all the downtrend counters are likely to be terminated. There are three opportunities on either side of the trading. The best is likely to be buying in ONGC. This counter is in downtrend. Bull move on Tuesday is likely to reverse the prevailing trend in this counter.

CASH SEGMENT

The composition and the ranking of the top-10 tradable list had minor changes. SAIL moved out and gave way to ZEETELE. Tatamotors moved up to sixth position from ninth position. The long exit for SAIL is placed at 86.20.

Most of the counters in the list are in uptrend. There are five downtrend counters in the list and are likely to be under threat for Tuesday's trading. On the other hand, two downtrend counters are likely to be terminated. There are two opportunities on the buy side and five opportunities on the sell side for Tuesday's trading. The best is likely to be buying in Infosys. This counter is in downtrend. Bull move on Tuesday is likely to reverse the prevailing 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.