The market breadth was marginally negative as the BSE and NSE combined figures were 1773 : 1819 and the capitalisation of the breadth was positive as the figures on a BSE & NSE combined basis were Rs 9137 cr : Rs 4633 cr. |
The F&O data for the previous session indicate a 0.66 per cent increase in net long positions as the bulls lent half-hearted support at lower levels. |
The indices have closed at the upper end of the intraday range after a bearish opening. The closing has been higher than the opening and the front-line index stocks are showing an elasticity in the intraday ranges that enable linear extrapolation for Monday's session with a fair amount of certainty. |
The 4115 resistance specified for Friday held as the intraday top was 4094. The intraday bottom though was violated on open. That indicates higher volatility and a positive bias due to the recovery in the markets. |
The coming session will witness an intraday range of 4147 on advances and 4007 on declines. The higher volatility is causing the intraday ranges to widen, which calls for increased caution. |
The outlook for the markets on Monday is that of optimism, barring unforeseen negative triggers emerging over the weekend. Avoid short sales for now. Vijay L. Bhambwani |
Mandatory disclosure: the analyst has no exposure to the scrips mentioned above. |