| The traded volumes were higher compared with Monday's session, which lends credibility to the upmove. |
| The market breadth was positive as the ratio of advancing to declining shares on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) combined stood at 1663 : 1118. |
| The capitalisation of the breadth was positive too as the figures on the two bourses combined stood at Rs 4,456 crore: Rs 990 crore. |
| Derivatives data available for the previous session indicate a lack of buying conviction at higher levels ahead of the expiry of the October series. |
| The indices have managed to snap the losing streak and have surged with relatively higher volumes. |
| However, the upmove is still a technical pullback as the previous tops are yet to be surpassed and conclusive buy signals generated. |
| The resistance at higher levels will be at the 1802 and 5684 on the Nifty and Sensex, respectively. |
| Downside support will be seen at the 1764 and 5589 levels, respectively, in the coming session. Traded volumes need to be watched on uptick days for underlying strength in the undertone. |
| The outlook for the markets on Wednesday is that of cautious optimism as the bears are likely to cover some more short sales ahead of expiry and indirectly help the bulls. |
| Traded volumes must be curtailed due to the higher volatility expected. Vijay L. Bhambwani |
| Sebi disclosure: the author has no outstanding positions in any of the stocks mentioned above. |
Top Section
Explore Business Standard