Anand Rathi: Positive bias likely to continue

According to Anand Rathi, the positive bias is expected to continue. However with the major indices approaching the psychological barrier of 12K some hesitation is expected to arise in the near term.

Thus the overall sentiments are expected to remain cautiously optimistic. The Asian markets opening week in the early morning trade with the US market remaining closed on account of Labour Day is expected to have a further dampener on our market in the opening session.

Volume no doubt holding firm with the open interest showing slow increase in the derivatives segment, both these indicators would play a major role in deciding the emerging trend in the near future.

Technically speaking, a bullish candlestick of Sensex and Nifty and closing above the previous day's high level indicates that the indices
have started to gain upward momentum. Nifty (Sensex) finds support at 3435 (11,800) and resistance at 3525 (12,000-12,050).