| The markets opened on a positive note and proceeded to touch historic peaks throughout Tuesday. |
| The traded volumes were higher than in Monday's session and that is a sign of increased participation. |
| The breadth was negative as the ratio of advancing to declining shares on the Bombay Stock Exchange (BSE) and the National Stock Exchange combined stood at 742 : 2,469. |
| The capitalisation of the breadth was positive as the figures on the two bourses taken together stood at Rs 18,028 crore: Rs 2,290 crore. |
| The F&O figures for the previous session point towards a build-up of bullish positions as the open interest has shown an 8 per cent increase on Monday. |
| The indices are now at breakout levels, having stopped short of the resistance range specified yesterday. |
| The immediate resistance on the higher levels will be at 1984 and 6268 on the Nifty and the Sensex, respectively, on an intra-day basis. |
| Above this, the upmove will be met by profit taking by short-term bulls. |
| The support at lower levels will be seen at 1934 and 6198 on the Nifty and the Sensex, respectively, on an intra-day basis in Wednesday's session. |
| Watch out for traded volumes. A bullish bias must be maintained as the perspective is positive. |
| The outlook for Wednesday is of cautious optimism as the bulls are likely to book profit at higher levels on an ongoing basis. |
| Among stocks, activity is likely to be seen in NTPC, which was recommended recently. The share has surpassed it's immediate resistance at Rs 78.50 levels and managed to close above it. |
| Buying is recommended in the cash and derivatives segments. |
| Reliance Industries, suggested yesterday to reach the Rs 517 level, has achieved it's target and profits have been booked.
Vijay L. Bhambwani |
| Sebi disclosure:- the analyst has no exposure to the scrips mentioned above. |
Benchmarks at breakout levels
TECHNICALS
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First Published: Dec 01 2004 | 12:00 AM IST
