| The benchmark indices gained almost 2 per cent and bid March a cheerful adieu. The traded volumes were in line with the previous session and should have been higher to signal increased participation. |
| The market breadth was highly positive as the ratio of advancing to declining shares on the Bombay Stock Exchange and the National Stock Exchange combined stood at 2709 : 440. The capitalisation of the breadth was also positive as the figures on the two bourses taken together stood at Rs 6,125 crore (advances): Rs 1,231 crore. |
| The F&O data for the previous session indicate a build-up in bullish positions and imbibes confidence among the patient investors. The indices have managed to bounce back from 2004 and 6398 levels on the Nifty and the Sensex, which were the last-mile support on the short-term retracement patterns. |
| The immediate resistance is at 2035-2040 levels, which were the February channel bottom for the Nifty. |
| If the Nifty manages to claw up higher and starts trading within this channel, a logical upmove to the 2060-2064 could ensue. Any fall below the 2034 levels on profit taking will see a retracement of Thursday's bullishness to the 2014 / 2004 levels. The traded volumes need to be watched to gauge the retail participation. |
| The outlook for the markets on Friday is that of cautious optimism and some amount of profit taking is likely after a jump upwards on Thursday. |
| Being a weekend session, bulls are unlikely to lend significant support at higher levels. The next 2-3 sessions are crucial for markets as the short term trends are likely to be determined in the coming days. Vijay L. Bhambwani |
| Sebi disclosure: the analyst has no exposure to the scrips mentioned above. |
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