Technical Analyst, Vijay Bhambwani:

The markets opened on a strong wicket and ended with strong gains as buying emerged on positive overseas cues. The higher traded volumes indicated improved participation as trader interest revived. The rally was led by the banking sector as shorts were squeezed ahead of the expiry. The market breadth was positive as the BSE & NSE combined advance decline ratio was 3459 : 611. The capitalisation of the breadth was also positive as the BSE & NSE combined figures were Rs 1264097 Crs : Rs 75739 Crs.

The indices have closed near the upper end of the intraday range, the positive market internals and the higher volumes indicating optimism during the session. The intraday range specified for Wednesday at the 4220 / 4000 was overcome on the upside as the Nifty closed above the specified resistance.

The coming session is likely to witness a range of 4400 on advances and 4170 on declines. The bullish pivot will be at the 4220 levels above which the outlook will be positive and the bearish pivot will be at the 4180 level below which the bears may return.

The market internals indicate a higher turnover due to the strength. The number of trades were lower and the average ticket size per trade was higher, indicating a retail 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 expiry related considerations will dominate the sentiments.

source: Moneycontrol

Tags: bhambwani, hot stocks, nifty technicals, nifty tips, nse bse news, nse bse technicals, support and resistance

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