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K. Premkumar

Tuesday’s trading activity witnessed volatile movement. The sentiment reading of the tradable counters remains bearish.

Bull domination on Wednesday is likely to change the sentiment reading in their favour. On the contrary, the current sentiment reading is likely to be continued.

The March contract opened with a bull gap of around 30 points from its previous close. The March contract moved within a range of around 142 points and closed with a loss of around 42 points from its previous close.

The downtrend in the Nifty March contract is intact. 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.

The composition of the top-10 list had no changes. However, the ranking of the top-10 list had minor changes. ICICI Bank and Tata Steel interchanged their position.

All the counters in the top-10 list are in downtrend. Bull move on Wednesday is likely to terminate Reliance Energy, NTPC, Tata Steel, BHEL and Hindalco.

Buying opportunities are likely to exist in Reliance Energy, NTPC, Tata Steel, BHEL and Hindalco.

There are no selling opportunities for Wednesday’s trading. The best among the above is likely to be buying in Reliance Energy. Bull move on Wednesday is likely to reverse the existing trend in this counter.

The composition of the top-10 list had no changes. However, the ranking of the top-10 list had minor changes. Suzlon and SBI interchanged their position.

All the counters in the top-10 list are in downtrend. Bull move on Wednesday is likely to terminate Reliance Energy, Reliance Industries, SAIL, BHEL and HDFC.

Buying opportunities are likely to exist in Reliance Energy, Reliance Industries, SAIL, BHEL and HDFC.

There are no selling opportunities for Wednesday’s trading. The best among the above is likely to be buying in BHEL. Bull 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.

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