The Hindu Business Line : Bulls prevail

Bulls prevailed over Tuesday's trading activity. The sentiment reading of the tradable counters remains bullish. Bear pressure on Wednesday is likely to change the sentiment reading in their favour. On the contrary, the prevailing bullish sentiment is likely to be further strengthened with additional counters.

Nifty futures recommendation: The April month contract opened with a bull gap of around 43 points. April contract moved with in a range of around 84 points making an all time high of 3529.45. It closed with a gain of around 104 points from its previous close.

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The long position in the April month contract remains intact. The long exit and the short entry levels are placed quite far away from its last traded price. In the normal course of trading, these levels are unlikely to be triggered during Wednesday.

Stock futures recommendation: The composition of the top-10 tradable list had no changes. However, the ranking of the list had minor changes. Infosys moved up to third position pushing down the MTNL and Maruti to fourth and fifth positions respectively. IPCL and Hindalco interchanged their positions.

All the uptrend counters in the top-10 tradable list are likely to be terminated during Wednesday's trading. There are no down trend counters in the list.

There is a lone opportunity on the buy side and ample opportunities on the sell side.

The best is likely to be selling in Jet Airways. This counter is in side ways mode. Bear pressure on Wednesday is likely to trigger the down trend in this counter.

Cash segment: The Composition of the top-10 tradable list had no changes.

However, the ranking of the list had minor changes.

Infosys moved up to second position and SAIL moved down to fourth position. Tata Steel occupied seventh position pushing down the State Bank to the last position.

All the uptrend counters in the top-10 tradable list are likely to be under threat for Wednesday's trading.

There are ample opportunities on the sell side. The best is likely to be selling in Maruti. Bear pressure 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.