Nifty likely to witness range of 5100-4910: Bhambwani
Published on Thursday, November 12th, 2009 at 9:58 AMAuthor: stockalert (2027 Articles)
Technical Analyst, Vijay Bhambwani:
The markets opened on an optimistic note and ended with sizable gains as the bulls managed to keep the Nifty above the 4915 bullish pivot. The overseas cues prompted the rally, led by technology stocks. The benchmark indices ended with almost 2.50 % gains. The traded volumes were lower which is a negative indicator for a bullish session. The market breadth was positive as the BSE & NSE combined advance decline ratio was 2638 : 1380. The capitalisation of the breadth was positive as the commensurate figures were Rs 17801 Crs : Rs 5659 Crs. The NSE gained Rs 140039 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 intraday range advocated between the 5000 / 4830 has held more of less as the Nifty tested the 5016 levels.
The coming session is likely to witness a range of 5100 on advances. Support maybe seen at the 4910 levels on declines, below which the 4780 maybe seen – a dim chance of occurence. The bullish pivot for the session is likely at the 4960 levels and the bearish pivot at the 4925 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 scepticism at higher levels. The number of trades were higher and the average ticket size per trade was lower, indicating a lower 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 guarded optimism as the bulls need to hold the Nifty above the 4960 mark.
Source : MoneyControl
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