| The markets opened on a firm note and proceeded to trade lower through the day following profit sales in the higher ranges. |
| The benchmark indices closed almost flat as the last hour of trade saw short covering at lower levels. The traded volumes were in line with Tuesday's session. |
| The market breadth was negative as the ratio of advancing to declining shares on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) combined stood at 1213 : 1956. |
| The capitalisation of the breadth was positive as the figures on two bourses taken together stood at Rs 12,163 crore: Rs 3,003 crore. |
| The F&O indicators of the previous session indicate higher open interest as bulls enhance their positions in a rising market. |
| The indices have seen a short and sweet intra-day correction, which is typical of a bull market. |
| The immediate resistance levels are at 1982 and 6256 levels on the Nifty and the Sensex, respectively, on an intra-day basis in the coming session. |
| Support on the downsides will be seen at 1939 and 6188 on the Nifty and Sensex, respectively. |
| Once the previous days highs are surpassed with higher volumes, the outlook will turn positive again. |
| Traded volumes on the upsides will determine the sustainability of the upmove in the coming days. |
| The outlook for Thursday is of cautious optimism as the sentiment will remain positive and lower levels will see short-covering by bears. |
| Activity is likely to be polarised around NTPC, which is firmly in bullish hands and the scrip is likely to see further upsides of 3-5 per cent in the short / medium term.
Vijay L. Bhambwani |
| Sebi disclosure: the analyst has no exposure to the scrips mentioned above. |
A short and sweet correction
TECHNICALS
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First Published: Dec 02 2004 | 12:00 AM IST
