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K. Premkumar

THOUGH bulls were in command of Tuesday's trading activity they had little impact on the tradable counters.

The sentiment reading of the tradable counters stands neutral.

Click here for table

Bull pressure on Wednesday is likely to change the sentiment reading in their favour. On the contrary, the sentiment reading is likely to turn bearish.

Nifty futures recommendation: The June contract opened with a bear gap of four points and further went down by another three points. Bears failed to capitalise on it as they yielded to bull pressure. The June contract moved within a band of 31 points. It closed with a gain of around 20 points over the previous close.

Tuesday's market action had no impact on the recommended levels. The exit for the long position and the bearish trigger level for the June contract are still placed far away. In the normal course of trading on Wednesday, these levels are unlikely to be triggered.

Stock futures recommendation: There were no new entries or exits to the top-10 active counters list. The top three traded counters in this segment were Reliance, Tata Steel and State Bank of India.

For Wednesday, most of the prevailing counters in the list are likely to be under threat. Bulls are likely to have opportunity in as much as eight counters. Selling opportunities are likely to exist in three counters. Buying in Infosys is likely to be the best for Wednesday's trading. This counter is in the sideways mode. Buy level for this counter is placed within Rs 2 from the last traded price. Bull pressure on Wednesday is likely to initiate a fresh uptrend in Infosys.

Cash segment: The composition of the top-10 tradable list in this segment remains unchanged. The ranking of the list had a minor change. Maruti and Tata Steel interchanged their positions. The downtrend in PNB is likely to terminate at 383.55.

Bear move on Wednesday is likely to terminate the uptrend in ONGC, State Bank of India and Tata Steel. On the other hand, the downtrend in Satyam and Tata Motors are likely to be under threat.

For Wednesday, seven opportunities are likely to exist in either side of trading. Buying in Infosys is likely to be the best for Wednesday's trading. Bullish trigger level for this counter is placed closer to the current level. Bull move on Wednesday is likely to trigger the uptrend in Infosys.

(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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