| The market breadth was positive as the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) combined figures were 1570 : 881 and the capitalisation of the breadth was also positive as the figures on a BSE and NSE combined basis were Rs 3542 crore : Rs 2125 crore. The derivatives data available for the previous session shows a rise in open interest as the outstanding long positions rose, albeit on lower volumes. |
| The indices have attempted to surpass the 13-day SMA's (which are the first hurdle on the upmove ) but have managed to close marginally lower than these averages. The values are 4943 and 1546 on the Sensex and Nifty respectively. |
| Should the indices trade consistently above these short term congestion levels, expect the next resistance to be encountered at the 4984 and 1564 levels on an intra-day basis. |
| The support on the downside is likely at 4894 and 1516 levels in the immediate future. The traded volumes need to improve to imbibe confidence amongst the bulls in the buying process. |
| The outlook for the markets on Tuesday is that optimism as the pre-budget buildup of positions is likely to be underway and the momentum oscillators are pointing towards a slight upside in the near term. |
| Stock specific action is likely to be seen on Zee Telefilms which faces congestion at 138 levels. Should this level be surpassed convincingly and the scrip stay above these levels, expect the 141 - 143 levels as the next immediate target. Buying is recommended in small lots. Vijay L Bhambwani |
| SEBI disclosure: the analyst has no exposure to the scrips mentioned above. |
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