The Hindu Business Line : Volatile movement

Tuesday’s trading activity witnessed volatile movement. The sentiment reading of the tradable counters remains bullish. Bear move on Wednesday is likely to change the sentiment reading in their favour.

NIFTY FUTURES: The long position in the Nifty November contract is intact. The long exit and short entry levels are placed quite far away from its last traded price. These levels are unlikely to be triggered during Wednesday’s trading activity.

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STOCK FUTURES: The composition and the ranking of the top-10 list had no changes. The uptrend counters Reliance Industries and BHEL are likely to be under threat for Wednesday’s trading. On the other hand, bull domination on Wednesday is likely to terminate Tata Steel and NTPC. Buying opportunities are likely to exist in Tata Steel and NTPC. Selling opportunities are likely to exist in Reliance Industries and BHEL. The best is likely to be selling in Reliance Industries. This counter is in uptrend. Bear domination on Wednesday is likely to reverse the existing trend in this counter.

CASH SEGMENT: The composition and the ranking of the top-10 list had no changes. The uptrend counters Reliance Industries and BHEL are likely to be under threat for Wednesday’s trading. On the other hand, Bull domination on Wednesday is likely to terminate Tata Steel and Infosys. Buying opportunities are likely to exist in Tata Steel and Infosys. Selling opportunities are likely to exist in Reliance Industries and BHEL. The best is likely to be selling in Reliance Industries. This counter is in uptrend. Bear move on Wednesday is likely to reverse the existing 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.