Nifty likely to witness range of 4980-4820: Bhambwani
Published on Tuesday, November 10th, 2009 at 9:04 AMAuthor: stockalert (2027 Articles)
Technical Analyst, Vijay Bhambwani: The markets opened with a spring in its step and ended with widespread gains as the bulls held their own against the bears. The overseas cues prompted the rally, led by banking and midcap stocks. The benchmark indices ended with almost 2 % gains, thereby extending the earlier gains. The traded volumes were marginally lower on account of skepticism, which is a negative indicator for a bullish session. The market breadth was positive as the BSE & NSE combined advance decline ratio was 3013 : 1029. The capitalisation of the breadth was also positive as the commensurate figures were Rs 17593 Crs : Rs 2750 Crs. The NSE gained Rs 100698 Crs in market capitalisation.
The indices have closed in the upper end of the intraday range as the bulls persisted in buying till the end of the session. The coming session is likely to witness a range of 4980 on advances. Support maybe seen at the 4820 levels on declines. The bullish pivot for the session is likely at the 4860 levels and the bearish pivot at the 4830 levels. Traders need to watch the these parameters for signs of breakout / breakdown from the previous sessions range.
The market internals indicate a lower turnover due to the skepticism at higher levels. The numbers of trades were lower and the average ticket size per trade was higher, indicating a poor retail buying bias. The capitalisation of the market was higher in line with an uptick session. The f&o cues show the bears ramping up shorts on advances.
The outlook for the markets today is that of optimism as the bulls need to hold the Nifty above the 4860 mark. Positive overseas cues will help the bulls.
Source : MoneyControl
Subscribe to my newsletter filling the form below. I'll try to make you happy.
Related Posts :
|
|
|
Market Live |
|
|
Loading ...