Nifty likely to witness range of 4675-4430: Bhambwani
Published on Wednesday, June 10th, 2009 at 8:55 AMAuthor: admin (5507 Articles)
Technical Analyst, Vijay Bhambwani:
After opening on a negative note, the markets ended with strong gains as the bulls returned in the latter part of the session. The traded volumes were higher as compared to the previous session, which is a positive indicator on an uptick session. The market breadth was positive as the BSE & NSE combined advance decline ratio was 2196 : 1852. The capitalisation of the breadth was also positive as the BSE & NSE combined figures were Rs 29240 Crs : Rs 2271 Crs.
The indices have closed in the upper end of the intraday range that too with positive market internals and higher volumes. The market was boosted by the technology and banking stocks which staged a comeback. The intraday range specified for Tuesday between the 4560 / 4300 has held as the Nifty retraced from the 4562 levels, thereby validating our wave count.
The coming session is likely to witness a range of 4675 on advances. Support is likely at 4430 on declines. The bullish pivot for the session will be at the 4490 and the bearish pivot at the 4440 levels. Traders need to watch the activity beyond these thresholds respectively.
The market internals indicate a higher turnover due to the strength. The number of trades were higher and the average ticket size per trade was higher, indicating an improved 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 bulls still need to offer large scale follow up support to push markets higher.
Disclosure: The analyst has no exposure to the scrips recommended above.
Source : MoneyControl
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