Quotes with Resistance & Support
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Nifty likely to witness range of 3045-2860: Bhambwani

This article was posted on Dec 16, 2008 and is filed under Press Releases

Technical Analyst, Vijay Bhambwani: The “tonbo” formation advocated over the weekend indicating resistance by the bulls to let go of their positions played out in the markets. The 2885 bullish pivot was not violated and that was a trigger for the day traders to push values higher. But for the technology stocks, the headline indices would have been significantly higher.

The traded volumes were lower as compared to the previous session, which is a cause for minor concern.

The market breadth was positive as the BSE & NSE combined advance decline ratio was 2977 : 734. The capitalisation of the breadth on a commensurate basis was also positive as the figures were Rs 12962 Crs : Rs 2402 Crs.

The indices have closed in the upper half the intraday band which shows buying from the retail intraday players. The same is confirmed by the profit sales at the fag end of the session. The intraday band of 2825 / 3000 levels advocated for Monday was overcome on the upsides as the index made scaled the 3012 levels.

The coming session is likely to witness a range of 3045 on advances and 2860 on declines. The bullish pivot will be at the 2965 above which the Nifty spot must remain if the bulls are to dominate the session. Conversely, a consistent trade below the 2950 levels, expect a decline.

The market internals indicate a lower turnover as the participation levels fell due to the gap up opening. The number of trades decreased and the average ticket size was higher, indicating a retail buying bias. The capitalisation of the market was higher in line with an optimistic session.

The outlook for the markets today is that of cautious optimism as the bulls may encounter overhead supply. Avoid big ticket exposure for now.

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

source: Moneycontrol

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