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Nifty likely to witness range of 2875-2700: Bhambwani

This article was posted on Jan 21, 2009 and is filed under Market Outlook

Technical Analyst, Vijay Bhambwani:

Led by the banking and midcap stocks, the markets declined after a bullish session on Monday. As advocated yesterday, the overseas cues weighed heavily on the domestic sentiments. The benchmark indices fell over 2 % at close. The traded volumes were higher as compared to the previous session, which is a negative indicator for a downtick session. The market breadth was negative as the BSE & NSE combined advance decline ratio was 1434 : 2110. The capitalisation of the breadth was also negative as the BSE & NSE combined figures were Rs 2369 Crs : Rs 7365 Crs.

The indices have closed in the lower half of the intraday range as the bulls were on the ropes. The 2850 bullish pivot level advocated yesterday did not hold and the bears resorted to a “morning attack” formation on the oriental charts. The 2900 / 2780 range advocated was violated as the Nifty fell below the lower threshold.

The coming session is likely to witness a range of 2875 on advances and 2700 on declines. The daily range appears to be sliding for now. The bullish pivot will be the 2810 above which the bulls will dominate the session. On the flip side, below the 2790 threshold, the bears may push the Nifty lower.

The market internals indicate a higher turnover as the participation levels rose due to the intraday selling. The number of trades increased and the average ticket size was higher, indicating a selling bias. The capitalisation of the market was lower in line with a downtick session.

The outlook for the markets today is that of caution as the bulls will need gargantuan buying momentum to reverse the near term outlook. Continue to trade light in the coming sessions.

Disclosure: The analyst has no exposure to any scrip/s recommended above.

source: Moneycontrol

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