The banking and technology sector kept the bullish fires burning and the market breadth was marginally positive as the BSE figures were 1400:1301.
The indices have closed at the upper end of the intraday range as the buying momentum persisted till the fag end of the session. The bulls managed to keep the Nifty spot above the specified bullish pivot of 5200 level and laid the foundation for an uptick session.
The subdued market internals were along expected lines as I had advocated stepped up short sales on upthrusts. The 5120 / 5215 range advocated for Friday was easily overcome on the upside even on a closing basis.
The coming session is likely to witness a range of 5165 on declines and 5290 on advances. Note the rising range which points towards an optimistic scenario as long as the bulls maintain the Nifty above 5250 for a major part of the trading session.
The outlook for the markets on Monday is that of guarded optimism as neutral/positive overseas cues will add fuel to the upmove in the absolute short term. Desist from selling short unless compelling evidence emerges to support such a move.
Vijay L. Bhambwani
(CEO- BSPLindia.com)
Mandatory disclosure: the analyst has no exposure to any scrip/s recommended above.
