The trade volumes were lacklustre as the gap-up opening caused a wait and watch approach from the retail segment. The market breadth was positive as the BSE & NSE combined advance decline stood at 2325 : 1483.
The capitalsation of the breadth was also positive as the commensurate figures were Rs 11,920 cr : Rs 3,815 cr.
The indices have closed at the upper end of the intraday band as the bear squeeze persisted till the fag end of the session. That the market internals were positive adds to the optimism. The poor volumes remain the only shade of grey as the participation levels indicate scepticism.
The intraday range for Thursday advocated at the 3730 / 3900 was overcome on the upside as the Nifty closed above this threshold.
The coming session is likely to witness a range of 4040 on advances and 3860 on declines. The bullish pivot for the session will be the 3910 above which the spot Nifty must remain to be bullish.
The outlook for the markets on Friday is that of cautious optimism as the weekend factor coupled with overseas cues will tamper the sentiments. Avoid large exposure for now.
Vijay L. Bhambwani
(CEO- BSPLindia.com)
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Mandatory disclosure: the analyst has no exposure to any scrip/s recommended above.
