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Vijay L. Bhambwani Mumbai
Last Updated : Feb 06 2013 | 8:07 AM IST
The markets opened on a weak note and proceeded to trade higher through Thursday. The benchmark indices gained marginally to end in positive territory after a short-lived correction.
 
Traded volumes were in line with Wednesday's session.
 
The market breadth was positive as the ratio of advancing to declining shares on the Bombay Stock Exchange and the National Stock Exchange combined stood at 1853 : 1355. The breadth was positive too at Rs 4,965 crore: Rs 3,132 crore on the two bourses taken together..
 
The indices have managed to stay above the crucial levels of 2142 and 6844 on the Nifty and the Sensex, respectively, which are likely to be the short-term floor levels for the indices on an intraday basis.
 
The upside resistance will be encountered at 2185 and 6966 levels on an intra-day basis in Friday's session.
 
The traded volumes must pick up to signal higher retail participation in the coming days.
 
The boost is likely to come from the from the frontline heavy-weight institutional counters as the markets suggest strong institutional activity in the coming days.
 
The outlook for the markets on Friday is of optimism as the bulls are undeterred by negative news flow.
 
Should the overseas markets not spring a negative surprise, I feel the domestic markets should see a slight upmove with a profit taking bias at higher levels due to the weekend factor.
 
Among stocks, activity is likely to be seen in ITC and BHEL, which are witnessing accumulation in the previous sessions.
 
Buying is recommended in the cash and F&O segments.
 
Among the recent recommendations, HDFC has started it's upmove and short-term traders may see the target price in the short term.

Vijay L. Bhambwani
(CEO - BSPLindia.com)

The author is a Mumbai-based investment consultant and invites feedback at vijay@BSPLindia.com  or(022) 23438482 / 23400345.
 
Sebi disclosure: the analyst has no exposure to the scrips mentioned above.

 
 

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First Published: Mar 11 2005 | 12:00 AM IST

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