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| The Bombay Stock Exchange (BSE) Sensex ended the day at 3629.68 (up 17.15 points) and the National Stock Exchange (NSE) Nifty closed out at 1145.90 (up 05.35 points).
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| The market breadth was positive as the ratio of advances to declines on the two exchanges combined stood at 1461 : 1264.
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| Traded volume on the BSE was Rs 1,436 crore, while on the NSE it stood more than twice that at Rs 3,101 crore.
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| The capitalisation of the breadth was also positive as the numbers were Rs 2,449 crore: Rs 2,083 crore on the two bourses taken together.
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| The capitalisation of the market breadth shows an even fight between buyers and sellers, with the former having a slight edge.
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| The outlook for the trading session on Wednesday is that of cautious optimism, as the players are awaiting the crossover of the 1155 hurdle on the Nifty.
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| I think every major player is waiting for the other bull operators to take the index above this inflection point before jumping into the fray.
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| That is the reason why the index witnesses a selloff at the 1150-1155 levels.
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| On the lower side, expect good short-term support at 1115 levels.
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| Among stocks, Mahindra & Mahindra continues to be a market outperformer and is likely to see Rs 175 levels in the near term.
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| As long as the counter remains above the Rs 162 mark, stay long in both the cash and the derivatives segments.
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| The National Aluminium Company counter is likely to register minor selling pressure as the weaker bulls book profits. Expect support at Rs 115 levels, which should be a good entry point for players with short and medium-term outlooks.
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Vijay Bhambwani
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| CEO, BSPLindia.com
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| The author is a Mumbai-based investment consultant and invites feedback at vijay@bsplindia.com.
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| Sebi disclosure: The author has no exposure in any securities mentioned above. |
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