The markets opened on an optimistic note and ended with gains as the midcap and banking stocks led the way.
The benchmark indices gained about 1.25 per cent at close. The traded volumes were marginally higher as compared to the previous session, which is a positive indicator. The market breadth was positive as the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) combined advance decline ratio was 2,402:1,282. The capitalisation of the breadth was also positive as the BSE & NSE combined figures were Rs 11,888 crore:Rs 2,577 crore.
The indices have closed in the median area of the intraday band as the profit taking at the end of the session was palpable. The positive market internals coupled with higher volumes indicate a marginal tilt towards the bulls.
The intraday range specified for Wednesday between the 2,840 and 2,685 levels has held as the Nifty retraced from the 2,836 level. The coming session is likely to witness a range of 2,860 on advances and 2,700 on declines.
The bullish pivot for the session will be at the 2,800 level above which the bulls will have an upper hand. The bearish pivot will be at the 2,775 levels below which the bears will press fresh sales.
Vijay L Bhambwani (Ceo - BSPLindia.com)
(The author is a Mumbai-based investment consultant)
