The market breadth was positive as the combined exchange figures were 2627:1252. The capitalisation of breadth was also positive as the figures were Rs 16,685 crore:Rs 3,531 crore. The derivatives data also indicated higher trader participation.
The indices have closed at the upper end of the day's range as the buying momentum persisted till the fag end of the session. The positive market internals indicate a buying bias on declines, though the exuberance factor is missing.
The 4950 / 5070 range specified for the session was overcome on the upsides as the bulls overpowered the bears. The 4990 bullish pivot proved to be a accurate barometer of the day's undertone.
The coming session is likely to witness a range of 5040 on declines and 5190 on advances. The 5075 level will be a bullish pivot, above which the bulls are likely to remain in command.
The coming session is likely to witness guarded optimism as the bulls may attempt to retain their new-found initiative. The weekend factor may see some caution in buying volumes.
Vijay L. Bhambwani
(CEO- BSPLindia.com)
Mandatory disclosure: the analyst has no exposure to any scrip/s recommended above.
