Friday saw a nervous start on the bourses but the trend flipped to sanguinity later.
The Bombay Stock Exchange (BSE) sensex ended the day at 3167.70 (plus 16.54 points) and the National Stock Exchange (NSE) Nifty 50 ended the day at 1016.95 (plus 07.80 points).
The market breadth was positive as the advances to declines figures on the exchanges combined stood at 1491: 468.
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Traded volume on the BSE was Rs 1,068 crore, while on the NSE it stood at Rs 2,614 crore.
The capitalisation of the breadth was also positive with the figures being Rs 3,342 crore: Rs 336 crore on the two bourses combined.
Traded volumes continued to remain steady. Oversold counters saw reversals and short-covering, which indicates that the upmove is likely to continue for 1 - 2 sessions more.
The outlook for the trading session on Monday is that of cautious optimism as the markets are optimistic about the sustainability of the upmove.
Should the overseas markets remain firm, we expect the Nifty to encounter resistance at 1024 and then at 1035 levels.
Stock-specific activity maybe seen in Dr Reddy