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K. Premkumar

Tuesday’s trading activity witnessed volatile movement. The sentiment reading of the tradable counters continues to remain bullish.

Bear domination on Wednesday is likely to change the sentiment reading in their favour. On the contrary, the current sentiment reading is likely to be strengthened with additional counters.

The April contract opened with a bear gap of around 29 points from its previous close. The April contract moved within a range of around 71 points and closed with a loss of around 3 points from its previous close.

The long position in the Nifty April 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.

The composition of the top-10 list had minor changes. The ranking of the top-10 list had no changes.

TCS made its way to top-10 list pushing out HDFC. The long exit levels for ONGC and HDFC are placed at 1019.95 and 1417.95 respectively.

Except Reliance Industries, Reliance Energy and TCS all other counters in the top-10 list are in uptrend.

Except ICICI Bank and BHEL all other uptrend counters in the top-10 list are likely to be under threat for Wednesday’s trading.

On the other hand, bull move on Wednesday is likely to terminate Reliance Industries. A lone buying opportunity is likely to exist in Reliance Industries.

Selling opportunities are likely to exist in Reliance Capital, Tata Steel, Reliance Energy, Infosys, SBI and NTPC. The best is likely to be selling in SBI.

This counter is in uptrend. Bear move on Wednesday is likely to reverse the existing trend in this counter.

The composition and the ranking of the top-10 list had no changes. Except Suzlon and HDFC all other counters are in uptrend in the top-10 list.

The uptrend counters Reliance Industries, Infosys and Reliance Energy are likely to be under threat for Wednesday’s trading.

On the other hand, bull move on Wednesday is likely to terminate HDFC. A lone buying opportunity is likely to exist in HDFC. Selling opportunities are likely to exist in Reliance Industries, Infosys and Reliance Energy.

The best is likely to be buying in HDFC. This counter is in downtrend. 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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