THE sentiment reading of the tradable counters remains bullish. Bear domination 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 recommendation: The December month contract opened with a bull gap of around 18 points. It moved with in a range of around 27 points making an intraday high of 2783. It closed with a gain of around 15 points from its previous close.
The long position in the December month contract remains intact. The exit level is placed quite nearer, but the sell level is placed quite far away from its last traded price. The exit level is likely to be triggered during Tuesday's trading.
Stock futures recommendation: The composition of the top-10 tradable list had no changes. However, the ranking of the list had minor changes. Infosys and Tata Steel interchanged their positions. The long exit level for ONGC is placed at 1070.50. The top three tradable counters in this segment were State bank, VSNL and Titan.
All the up trend counters in the top 10 tradable list are likely to be under threat for Tuesday's trading. There are no down trend counters in the list. There are ample opportunities on the sell side. The best for Tuesday's trading is likely to be selling in Reliance. Bear move on Tuesday is likely to reverse the existing position in this counter.
Cash segment: The composition and the ranking of the top-10 tradable list had minor changes. India Bulls and Bharti Tele went out of the list and gave way for Hind Lever and Jaiprakash Associates. State Bank and VSNL moved up to fifth and sixth positions respectively. The long exit levels for SRF, Sesa Goa and Bharti Tele are placed at 286.50, 1095.95 and 346.50 respectively.
All the up trend counters in the top-10 tradable list are likely to be terminated during Tuesday's trading.
There are no down trend counters in the list. There are ample opportunities on the sell side for Tuesday's trading. The best for Tuesday's trading is likely to be selling in Satyam. Bear pressure on Tuesday is likely to change the 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.