After opening on a cautious note, the markets closed with minor gains as the headline indices ended with 0.50 per cent gains. The traded volumes were higher than the previous session as the trader participation was higher in spite of the volatility. The market breadth was positive as the BSE figures were 1387:1080. The bullishness was led by the midcap and banking stocks which were in demand with the bulls.
The indices have closed in the upper half of the intraday range and with positive market internals. That the turnover has picked up adds to the weight of bullish evidence. The intraday range specified for the Nifty between the 3000/2830 levels has held as the Nifty traded within these parameters.
The coming session will see a range of 3000 on advances and 2880 on declines. The bullish pivot for the session will be the 2925 level and the bearish pivot will be the 2910 level. The US stimulus announcement is likely to be the most influential trigger for the domestic markets in the near term.
The outlook for the markets on Wednesday is that of guarded optimism as the overseas cues will determine the near term outlook. Trade on light volumes till clarity emerges.