Bulls may go for index frontliners

TECHNICALS

The market breadth was positive as the combined exchange advance decline ratio was 2040 : 1802. The capitalisation of the breadth was positive too as the commensurate figures were Rs 12324 crs : Rs 4547 crs. The F&O figures indicated a marginal selling bias on advances, though the bears were relatively quiet.

 

The markets have closed at the upper end of the intra-day band as the bulls returned at lower levels as the psychological 4000 threshold emerged closer.

The positive market internals indicate a buying bias in the absolute near-term. The 4200 / 4100 range advocated for Wednesday held as the Nifty bounced higher from the 4093 levels.

The coming session is likely to witness a range of 4360 on advances and 4150 on declines. As long as the Nifty spot remains above the 4200 levels, expect the bullish sentiment to persist