Nifty likely to witness range of 3450-3230: Bhambwani
Published on Wednesday, April 15th, 2009 at 9:14 AMAuthor: admin (5507 Articles)
Technical Analyst, Vijay Bhambwani: The markets opened on a positive note and ended with gains, though the buying conviction was lacking at higher levels. The benchmark indices ended with 1.5 % gains as the banking and midcap stocks fired up the markets even as technology lagged the broader markets due to the currency peg. The traded volumes were marginally lower as compared to the previous session, which is a routine indicator ahead of a holiday.
The market breadth was positive as the BSE & NSE combined advance decline ratio was 3115 : 710. The capitalisation of the breadth was also positive as the BSE & NSE combined figures were Rs 15938 Crs : Rs 4832 Crs.
The indices have closed in the upper half of the intraday range, the positive market internals and the lower volumes indicating mild retail buying. The intraday range specified for Monday at the levels 3450 / 3250 has held as the Nifty traded within these parameters.
The coming session is likely to witness a range of 3450 on advances above which the 3470 maybe likely, and 3230 on declines. The bullish pivot will be at the 3390 levels above which the outlook will be firm and the bearish pivot will be at the 3370 level below which the bears may push the Nifty lower.
The market internals indicate a lower turnover due to the volatility and the holiday factor. The number of trades were lower and the average ticket size per trade was lower, indicating a weaker buying bias. The capitalisation of the market was higher in line with an uptick session.
The outlook for the markets today is that of guarded optimism as the higher levels are attracting profit sales and the benchmarks need to close above their 200 day SMA’s, watch the overseas cues for near term guidance.
Source : MoneyControl
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