| Traded volumes were marginally higher than what was seen in Monday's session.' |
| 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 1549 : 1141. |
| The capitalisation of the breadth was also in positive zone, with the figures on the two bourses taken together standing at Rs 4,537 crore (advances): Rs 1,359 crore (declines). |
| Derivatives data available for the previous session show a smart rally in open interest as the outstanding futures contracts have expanded. |
| The indices have surged ahead for the second day of the week and the market breadth remains positive. That raises the credibility of the upmove and the prospects of further rallies. |
| The immediate minor resistance levels are the 1659 and the 5263 on the Nifty and Sensex, respectively. |
| Should these indices manage a close above these levels, expect the markets to surge higher rapidly. |
| The next targets will be the 1675 and the 5287 levels in the immediate future. The support on the downside will be seen at the 1632 and the 5222 levels on an intra-day basis. |
| Traded volumes are likely to be the single largest determining factor for the markets in the days ahead. |
| The outlook for the markets on Wednesday is that optimism as the bulls are seeming to have the upper hand. Barring unforeseen circumstances, the indices should see buying momentum with minor selling from short term bulls on major advances. |
| Stocks that are likely to be in the traders focus will be Indian Petrochemicals Corporation Ltd, Tata Motors, Hinduja TMT and Mahindra & Mahindra with a bullish bias. Vijay L Bhambwani |
| SEBI disclosure: the analyst has no exposure to the scrips mentioned above. |
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