The combined exchange figures were 2925:1025. The capitalisation of breadth was also positive as the commensurate figures were Rs 24726 crore:Rs 4820 crore. |
The F&O data for the previous session had indicated a robust build up of fresh long positions in the stock futures segment amid higher traded volumes. |
The indices have closed at the upper end of the intraday range and that too on higher traded volumes and positive internals. The high traded volumes are a critical confirmation of the bullish undertone. |
The intraday resistance specified for Wednesday at the 5800 level was overcome very convincingly and by a wide margin. That indicates the strength in the undertone. |
The coming session is likely to witness a range of 6090/5780. The wide range is due to the big intraday move on Wednesday. There is a fair possibility of a cool-off on Thursday after today's major upthrust and profit taking may therefore be expected. |
The outlook for the markets on Thursday is that of continued optimism with a possibility of profit sales at higher levels. Avoid short sales for now. Vijay L.Bhambwani |
Mandatory disclosure: the analyst has no exposure to any scrip/s recommended above. |