The Hindu Business Line : Bull domination

Bull dominates on Tuesday's trading activity. The sentiment reading of the tradable counters remains bullish. Bear move on Wednesday has the potential to change the sentiment reading in its favour.

NIFTY FUTURES

The April contract opened with a bear gap of around nine points but unable to sustain its initial momentum, bulls succumbed to bear pressure. The April contract moved within a range of around 105 points with making an intraday high of 4167.70. It closed with a gain of around 67 points.

The long position in April is exited with a huge profit of around 250 points. The long entry and short entry levels are placed at 4167.75 and 4062.95 respectively. The sell level is placed quite for away from its last trading price and the long entry level is placed nearer to its last traded price. This buy level likely to be triggered during Wednesday's trading activity.

STOCK FUTURES

The composition and ranking of the top-10 tradable list has minor changes. BHEL moved out of the top 10 tradable list giving way to Bank of India. The top-3 tradable counters in this segment were, Tata Steel, SBI and ICICI. Short Exit level for BHEL is 2534.05.

Most of the top 10 tradable counters in the list are in uptrend. A lone uptrend counter ACC under threat for Wednesday. There are four buying and one selling opportunities exits for Wednesday's trading. The best among the above is likely to be buying in SBI. This counter is in sidewise. Bull move on Wednesday is likely to initiate a fresh uptrend in this counter.

CASH SEGMENT

There are some changes in the composition and ranking of the top-10 tradable list. ZEETELE made its way to top 10 tradable lists pushing out ITC. BHEL moved to seventh position. SBI moved from eight to sixth.

There are four uptrend and four downtrend counters in the top ten tradable list. There are four opportunities on buying side and one on selling side for Wednesday. The best candidate is likely to be buying in SBI. This counter is in sidewise. 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.