The Hindu Business Line : Bear domination

Bears dominated over Tuesday's trading activity. The sentiment reading of the tradable counters changed to bearish. Bull domination on Wednesday is likely to change the sentiment reading in their favour.

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

Nifty futures

The June month contract gapped down by 66 points. The June contract moved with in an intraday range of 70 points. It closed with a loss of around 96 points from Monday's close.

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The long position in June contract exited and fresh short position was entered in the morning session.

The short exit and long entry levels are placed quite far away from its last traded price. These levels are unlikely to be triggered during Wednesday's trading.

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 IPCL.

There are no uptrend counters in the list. Four down trend counters are likely to be under threat for Wednesday's trading.

Buying opportunities are likely to exist in four counters for Wednesday's trading.

The best is likely to be buying in Hindalco. Bull move on Wednesday is likely to reverse the prevailing trend in this counter.

Cash segment

The composition and the ranking of the top-10 tradable had no changes. There are no uptrend counters in the list.

Three downtrend counters in the list are likely to be terminated during Wednesday's trading. There are no selling opportunities for Wednesday's trading.

Three buying opportunities are likely to exist for Wednesday's trading.

The best is likely to be buying in SAIL. Bull domination on Wednesday is likely to trigger the uptrend in SAIL.

(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.