Bulls hold their own against bears

TECHNICALS

The market breadth was expectedly positive as the BSE figures were 1547:1137. The capitalisation of breadth was positive too as the commensurate figures were Rs 4016 crore:Rs 1747 crore. The f&o data for the session indicated a lower turnover as day trader participation was mildly subdued.

The indices have closed at the upper end of the intraday range after a choppy mid session as the bulls managed to hold their own against the bears. The 5040 / 5190 range specified for Friday held as the Nifty traded well within these parameters.

The coming session is likely to witness a range of 5070 on declines and 5200 on advances. The 5050 - 5070 level is emerging as a near-term floor for the players. The 5140 level will be a bullish pivot for the session, above which the market is likely to have an upward bias.

The outlook for the markets on Tuesday is that of continued optimism, all things remaining constant. Since the domestic markets are enjoying a long weekend, any negative trigger from overseas seems to be the only wall of worry for the bulls in the immediate future.

Vijay L. Bhambwani
(CEO- BSPLindia.com)

The author is a Mumbai-based investment consultant and invites feedback at vijay@BSPLindia.com

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