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 |
Sebi disclosure: the analyst has no exposure to the scrips mentioned above. |