The Hindu Business Line : Bulls prevail

Bulls prevailed over Tuesday's trading activity. The sentiment reading of the tradable counters remains bullish. Bear pressure 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 with additional counters.

Nifty futures

The May month contract opened with a bull gap of around 14 points. May contract moved within a range of around 80 points. It closed with a gain of around 29 points from its previous close.

The long position in the May contract exited in the morning session. The long entry level is placed quite nearer to its last traded price and the short entry level is placed quite far away from its last traded price. Bull pressure on Wednesday is likely to trigger the uptrend in May month contract.

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Stock futures

The composition and the ranking of the top-10 tradable list had no changes. The top-3 tradable counters in this segment were Reliance, Tata Steel and MTNL.

All the counters in the top-10 tradable list are likely to be terminated during Wednesday's trading. There are five opportunities on the buy side and three opportunities on the sell side. The best is likely to be buying in Hindalco. Bull move on Wednesday is likely to change the existing trend in this counter.

Cash segment

The composition of the top-10 tradable list had minor changes. State Bank went out of the list and gave way to Tata Motors. The ranking of the list had no changes.

All the existing positions in the top-10 tradable list are likely to be terminated during Wednesday's trading. There are four opportunities on the buy side and two opportunities on the sell side. The best is likely to be buying in Tata Steel. This counter is in side ways mode. Bull pressure on Wednesday is likely to trigger the 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 technical analyst and fund management consultant.