| The Nifty completed this pattern accompanied with higher volumes and positive market breadth. The combined exchange figures were 2647:1260. |
| The capitalisation of breadth was also positive as commensurate figures were Rs 21,031 crore: Rs 6,511 crore. The F&O data for the previous session indicated a marginal increase in net long positions amid a rising PCR. |
| The indices have closed at the upper end of the intraday range as the bulls persisted with buying support at lower levels. Short covering added to the bullish impetus and the market breadth is a reflection of that hypothesis. The 5730 resistance advocated for Tuesday was overcome on an intraday basis, though the closing was lower. |
| The coming session is likely to witness an intraday range of 5800 on advances and 5580 on declines. The traded volumes must be watched keenly, especially in case of a rally, as the sustainability of an upmove can be gauged from the participation levels. |
| The outlook for the markets on Wednesday is that of continued optimism, though some profit sales may be seen on advances. I maintain my view expressed yesterday that fresh shorts must be avoided for now. Vijay L. Bhambwani |
| Mandatory disclosure: the analyst has no exposure to any scrip/s recommended above. |
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