• Investment World
• eWorld
• Catalyst
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest

K. Premkumar

MONDAY'S market action witnessed bull onslaught. Bulls were able to capture the market right from the start of the day. Bears could not put a stop to the bull march throughout the day. The sentiment reading of the tradable counters stands bullish. Bull domination on Tuesday is likely to further strengthen the sentiment reading in their favour. On the contrary, the sentiment reading is likely to become neutral.

Nifty futures recommendation: The market opened with a bull gap of around 3 points and further moved up by another 30 points. Bears were unable to regain their losses throughout the day. The intra-day movement was around 29 points. It closed higher with a gain of around 33 points from Friday's close.

The uptrend in the December contract remains unchallenged. Both the exit and bearish levels are placed quite far away. In the normal course of trading on Tuesday, these levels are unlikely to be triggered.

Click here for table

Stock futures recommendation: The composition of the top-10 tradable list in this segment remains unchanged. However, the ranking of the list had a minor change. Tata Steel occupied second place replacing Satyam Computers. M&M replaced Infosys in its ranking. The exit level for ACC is placed at 228.65.

Bear domination on Tuesday is likely to a pose threat to Infosys, M&M and Tata Engineering. The lone downtrend counter - Maruti is likely to be under threat for Tuesday. Ranbaxy is likely to have buying opportunity while bears have opportunity in Reliance Industries. The best among the above is likely to be buying in Ranbaxy. Its buy level is placed quite nearer to its last traded price. Bull move on Tuesday is likely to initiate fresh uptrend in this counter.

Cash segment: The composition of the top-10 tradable list had no changes. The ranking of the tradable list had a minor change. Maruti moved up to the sixth place pushing Digital to the seventh place.

Infosys and Tata Engineering are likely to be under threat on the bull side. Maruti is likely to be terminated on Tuesday in case of bull pressure. Digital and Reliance Industries are likely to have buying opportunities for Tuesday. Bearish opportunity is likely to exist in Reliance Industries. The best is likely to be buying in Reliance Industries. Its buy level is quite nearer to its last traded price. Bull pressure on Tuesday is likely to initiate 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 Chennai-based technical analyst and fund management consultant.

Article E-Mail :: Comment :: Syndication

Stories in this Section
Bull onslaught

Copyright © 2003, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line