| Traded volumes were sharply lower compared with the previous session and in line with the 10-day average. |
| The breadth was marginally positive as the ratio of advancing to declining shares on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) combined stood at 1625 : 998. |
| The capitalisation of the breadth was positive too, with the figures on the two bourses taken together being Rs 4,838 crore: Rs 1,800 crore. |
| Derivatives data available for Thursday's session show a smart rise in outstanding long positions. |
| That is a sign of optimism as the bulls are enhancing commitments at higher levels. |
| The indices have managed to end above the short-term supports at the 1850 and the 5820 on the Nifty and Sensex, respectively. |
| The resistance on the upside will be see at 1888 and 5920 in the immediate future. |
| Traded volumes have started showing a gradual pick-up and that is a healthy sign. The market breadth is also showing signs of optimism, which needs to be sustained for a secular upmove. |
| The outlook for Monday is of cautious optimism as the bulls are clearly attempting to grab the initiative from the bears. |
| The outlook will also be determined by the US markets in the immediate future. |
| Among stocks, as long as ACC remains above the Rs 274 mark, the immediate target is Rs 286 in the near term. Buying is recommended in the cash and derivatives segments in small quantities. |
| Vijay L Bhambwani CEO, BSPLindia.com |
| The author is a Mumbai-based investment consultant and invites feedback at vijay@BSPLindia.com or ( 022 ) 23438482 / 23400345. |
| Sebi disclosure: The author has no outstanding positions in any of the stocks mentioned above. |
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