The Hindu Business Line : Swings wildly

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 with additional counters.

NIFTY FUTURES

The March contract opened around its previous close. It moved within a range of around 71 points making an intraday high of 3767. The March closed with a gain of around 27 points from its previous close.

The long position in the March contract remains intact. The long exit and short entry levels are placed far away from its last traded price. These levels are unlikely to be triggered during Wednesday.

STOCK FUTURES

The composition and ranking of the top-10 tradable list had minor changes. Hindalco gave way to TCS. TCS occupied tenth position in the ranking. Satyam moved up in the ranking and occupied ninth position. The top-3 tradable counters in this segment were ACC, Century Tex and India Cements. The short exit level for Hindalco is placed at 129.95.

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There are six uptrend counters and four downtrend counters in the top-10 tradable list. Except ACC, other downtrend counters are likely to be under threat for Wednesday's trading. On the other hand, the uptrend counters ICICI Bank, Tata Steel, Satyam and TCS are likely to be terminated. There are three buying opportunities and four selling opportunities for Wednesday's trading. The best among them is likely to be buying in Reliance Industries. This counter is in downtrend. Bull move on Wednesday is likely to reverse prevailing trend in this counter.

CASH SEGMENT

The composition and ranking of the top-10 tradable list had minor changes. Hindalco and IDBI gave way to TCS and ITC. TCS and ITC occupied ninth and tenth positions respectively in the top-10 list. Satyam and SBI moved up in the ranking while Tata Steel moved down. The long exit level for Zee Telefilms, Hindalco and IDBI are placed at 231.95, 127.95 and 75.05 respectively.

There are five uptrend counters and four downtrend counters in the top-10 tradable list. Except ITC, other downtrend counters are likely to be under threat for Wednesday's trading. On the other hand, all the uptrend counters are likely to be terminated. There are five selling opportunities and four buying opportunities for Wednesday's trading. The best among them is likely to be buying in TCS. This counter is in sideways mode. Bull move on Wednesday is likely to initiate a fresh 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.