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K. Premkumar

Tuesday's trading activity witnessed volatile movement. However the sentiment reading of the tradable counters changed to 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 with additional counters.

Nifty Futures

The March contract opened with a bull gap of around 13 points from its previous close. It moved within a range of around 49 points, marking an intra-day high of 3,714.85.

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The contract closed with a gain of around four points from its previous close.

The long position in the contract remains intact.

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

Stock Futures

The composition and ranking of the top 10 tradable list had no changes. The top three tradable counters in this segment were Reliance Communications, SBI and Reliance Industries.

Most of the counters in the top 10 list are in uptrend. Except Reliance Capital, other uptrend counters are likely to be under threat for Wednesday's trading.

There are ample selling opportunities Wednesday's trading.

The best among them is likely to be selling in ICICI Bank. This counter is in uptrend. Bear move on Wednesday is likely to reverse the prevailing trend in this counter.

Cash Segment

The composition of the top 10 tradable list had no changes. However, the ranking had minor changes. Tata Steel moved up in the ranking while TCS moved down.

There are eight uptrend counters and two downtrend counters in the top 10 tradable list.

All the counters are likely to be under threat for Wednesday's trading.

There are ample selling opportunities and two buying opportunities for Wednesday's trading.

The best among them is likely to be selling in TCS. This counter is in uptrend. Bear move on Wednesday is likely 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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