By Vijay L Bhambwani, CEO – BSPLindia.com : The markets ended with gains on the last day of the week as bullish overseas cues and positive market breadth marked the session. The BSE & NSE combined advance decline ratio was positive at 2250 : 1365. The rally was led by the banking stocks which led from the front, followed by midcap stocks. The turnover was in line with expectations as the weekend factor kept the buying exuberance under check.

The indices have closed in the upper end of the intraday range and amidst positive market internals. The 2935 / 2840 range specified for Friday was overcome on the upside as the Nifty closed above the upper threshold. The bulls made their intentions known by keeping the Nifty spot above the 2920 bullish pivot and forced the bears to cover some short positions. The coming session is likely to witness a range of 3015 on advances and 2890 on declines. The bullish pivot will be the 2935 level and the bearish pivot will be the 2915 level.

The outlook for the market on Monday is likely to be that of guarded optimism as the interim budget will be the most immediate trigger for the players. I maintain my view that traders should play on limited exposure levels.

Mandatory disclosure – the analyst has no exposure to any scrip/s recommended above.

Source : MoneyControl

Tags: calls, daytrading, free calls, intraday, tips

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