The Hindu Business Line : Bull domination

Bear domination on Monday is likely to change the sentiment reading in their favour. On the contrary, the current sentiment reading is likely to be strengthened with additional counters.

NIFTY FUTURES

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The April contract opened with a bull gap of around 66 points from its previous close. The April contract moved within a range of around 65 points and closed with a gain of around 80 points from its previous close.

The long position in the Nifty April contract is intact. The long exit and short entry levels are placed quite far away from its last traded price. These levels are unlikely to be triggered during Monday’s trading.

STOCK FUTURES

The composition and the ranking of the top-10 list had minor changes. HDFC made its way to top-10 list pushing out ONGC. ICICI Bank moved from fourth to sixth position in the list.

Tata Steel and Infosys moved one step higher in the list. The long exit level for ONGC is placed at 1013.45.

Except BHEL all other counters in the top-10 list are in uptrend. The uptrend counters Reliance Capital, Reliance Energy, ICICI Bank, SBI and NTPC are likely to be under threat for Monday’s trading. On the other hand, bull move on Monday is likely to terminate BHEL.

A lone buying opportunity is likely to exist in BHEL. Selling opportunities are likely to exist in Reliance Capital, Reliance Energy, ICICI Bank, SBI and NTPC. The best is likely to be selling in Reliance Capital. This counter is in uptrend. Bear move on Monday is likely to reverse the existing trend in this counter.

CASH SEGMENT

The composition of the top-10 list had no changes. However, the ranking of the top-10 list had minor changes. BHEL and ICICI Bank interchanged their position.

Infosys and Reliance Energy interchanged their position in the list. HDFC moved from seventh to ninth position in the list.

Except BHEL all other counters are in uptrend in the top-10 list. The uptrend counters ICICI Bank is likely to be under threat for Monday’s trading. On the other hand, bull move on Monday is likely to terminate BHEL.

A lone buying opportunity is likely to exist in BHEL. A lone selling opportunity is likely to exist in ICICI Bank. The best is likely to be selling in ICICI Bank. This counter is in uptrend.

Bear move on Monday 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.