The market witnessed a rebound that was as significant as the recent declines. The market breadth was mildly positive as the BSE & NSE combined figures were 1,922 : 1,894. The capitalisation of the figures on a commensurate basis was also positive as the buying momentum was witnessed across the heavily weighted stocks. The turnover was higher due to the bear-covering and fresh buying at lower levels.
The indices have closed at the upper end of the intraday range and on positive market internals. That makes the recent lows as the immediate floor support for momentum players.
The intraday range advocated for Tuesday at the 3,980-3,715 held as the Nifty bounced from the specified support to rally to the resistance point. The coming session is likely to witness a range of 4,075 on advances and 3,765 on declines. As long as the Nifty remains above the 3,870 level, the bulls will have an upper hand in the markets.
The market internals indicate a higher turnover as the participation levels rose due to short-covering. The number of trades increased and the average ticket size was higher, indicating a higher buying bias.
The capitalisation of the market was higher in line with a bullish session.The outlook for the markets on Wednesday is that of guarded optimism as the near-term outlook is that of an oversold market. Should the overseas cues be positive, expect a mild recovery.
The outlook for the markets for Tuesday is that of declines and bargain buying must be avoided. Continue to preserve capital in the near term.
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