The markets continued to extend their gains as the headline indices gained about 8 per cent on close. The traded volumes were marginally higher on the back of scattered retail participation. The market breadth was positive as the combined exchange figures were 2432:1278. The capitalisation of the figures on a commensurate basis was Rs 14027 crore: Rs 1758 crore.
The indices have closed in the upper end of the intra-day band and that too on higher turnover and positive internals. These are indications of some retail participation. The 2800/2600 range specified for Friday was overcome on the upside as the Nifty closed comfortably above the specified resistance. That indicates a rising short-term range.
The coming session is likely to witness a range of 3025 level on advances and 2740 on declines. The bulls will need to keep the Nifty spot trading above the 2835 levels to retain their initiative. The market internals indicate a higher turnover as participation levels rose.
The outlook for the coming session is that of continued optimism, should the overseas markets stay positive, expect the domestic sentiments to improve. Long-term investors may continue buying for long term.
Vijay L. Bhambwani
(CEO – BSPLindia.com)
The author is a Mumbai-based investment consultant and invites feedback at vijay@BSPLindia.com
Mandatory disclosure: the analyst has no exposure to any scrip/s recommended above.