The markets witnessed a nervous session as multiple pressure points such as IIP numbers, the impeding rail and interim budgets caused a re-shuffle in positions in the market.
The advance decline ratio remained positive as the BSE figures were 1309:1090. The benchmark indices recorded over 1 per cent declines amid lower traded volumes. The midcap segment witnessed a relative outperformance due to sporadic buying activity in select component stocks.
The indices have closed in the lower end of the intraday range as the selling pressure persisted till the fag end of the session. The intraday range advocated for Thursday between the 2975/2840 levels has held as the Nifty traded within these thresholds.
The 2910 bearish pivot projected for Thursday weighed heavily on the bulls and kept upthrusts at bay.
The coming session is likely to witness a range of 2935 on advances and 2840 on declines. Note how the 2840 levels keep re-emerging as the near term support. The bullish pivot for the session will be the 2920 level and the bearish pivot will be the 2900 mark.
The outlook for the coming session is that of caution as the weekend factor coupled with overseas cues will curb buying exuberance. Cut back on traded exposure on Friday.
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Vijay L Bhambwani
(Ceo - BSPLindia.com)
The author is a Mumbai based investment consultant and invites feedback at vijay@BSPLindia.com
