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K. Premkumar

BULLS dominated over Tuesday's trading activity.

The sentiment reading of the tradable counters remains bullish. Bear move on Wednesday is likely to change the sentiment reading in their favour.

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

Nifty futures recommendation: The February month contract opened with a bull gap of around 4 points.

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The February month contract moved within a range of around 29 points, making an intra-day high of 3,006.40.

It closed with a gain of around 32 points from its previous close.

The long position in the February month contract remains intact. The exit and sell levels for the February month contract are placed quite far away from its last traded price.

In the normal course of trading, these levels are unlikely to be triggered during Wednesday'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.

Tata Steel moved up to first position and Ranbaxy moved down to 10th position. ICICI Bank and Tata Motors moved up to fourth and fifth positions respectively.

ONGC moved to sixth position from 10th position.

The top-3 tradable counters in this segment were Tata Steel, State Bank and Reliance Capital.

All the counters in the top-10 tradable list are likely to be terminated during Wednesday's trading.

There are three opportunities on the buy side and five opportunities on the sell side. The best for Wednesday is likely to be buying in Infosys.

This counter is in downtrend. Bull pressure on Wednesday 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.

Titan moved up to fifth position and ICICI Bank moved to seventh position.

All the counters in the top-10 tradable list are likely to be under threat for Wednesday's trading.

There are four opportunities on the buy side and three opportunities on the sell side. The best is likely to be buying in Infosys.

This counter is in downtrend. Bull pressure on Wednesday has the potential 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.

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