The Hindu Business Line : Volatile movement

Monday's trading action witnessed Volatile movement. However, the sentiment reading of the tradable counters remains bullish. Bear domination on Tuesday is likely to change the sentiment reading in its favour.

On the contrary, the prevailing bullish sentiment is likely to be further strengthened with additional counters.

Nifty futures: The March month contract opened with a bull gap of around 10 points. It moved within a range of around 22 points making an intra-day high of 3198. It closed with a gain of around 12 points from its previous close.

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The long position in the March month contract remains intact. Both the long exit and short entry levels are placed quite nearer to its last traded price. These levels are likely to be triggered during Tuesday.

Stock futures: The composition of the top-10 tradable list had no changes. However, the ranking of the list had minor changes.

Infosys and Reliance Energy interchanged their positions.

The top-3 tradable counters in this segment were State Bank of India, Satyam and Tata Motors.

All the counters in the top-10 tradable list are likely to be terminated during Tuesday's trading. There is a lone opportunity on the buy side and ample opportunities on the sell side.

The best is likely to be selling in Reliance. This counter is in uptrend. Bear move on Tuesday is likely to reverse the existing trend in this counter.

Cash segment: The composition of the top-10 tradable list had no changes. However, the ranking of the list had minor changes. L&T moved up to third position and Titan moved down to seventh position.

The long exit level for Tata Steel is placed at Rs 454.65.

All the counters in the top-10 tradable list are likely to be under threat for Tuesday's trading. A lone opportunity on the buy side is likely to exist in Titan.

On the other hand, there are ample opportunities on the sell side.

The best is likely to be selling in Tata Motors. Bear pressure on Tuesday is likely to trigger the downtrend in Tata Motors.

(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.