Upmove to continue with lower volume

The markets are likely to stretch the upmove. According to investment consultant Vijay Bhambwani, the momentum remains positive and the possibility of a further upmove is likely.

He adds that, though the upsides maybe accompanied by lighter volumes (which makes the uptrend suspect), the upside resistance is likely to be seen for the Nifty at 3079 and if this level is surpassed, at the 3095 levels, where exhaustion maybe seen. 

Barring routine profit sales, I do not expect a major trend reversal as of now. Sectoral strength is being seen on the oil refining stocks and specific activity is likely to be seen on BPCL and HPCL on the upside as the chart patterns indicate a short term bullishness, he added.