Maintaining higher tops & bottoms

TECHNICALS

 The traded volumes were lower than in the previous session and the undercurrent was cautious yet optimistic.  The breadth was negative as the ratio of advancing to declining shares on the Bombay Stock Exchange and the National Stock Exchange combined stood at 1399 : 1765.  The capitalisation of the breadth was also negative as the figures on the two bourses taken together stood at Rs 4,113 crore : Rs 5,721 crore.  The session hints at a lack of buying conviction as open interest positions have come down in frontline counters.  The indices have managed to maintain a higher tops and bottoms formation, albeit on thinner volumes.  The immediate resistance will be seen at 2047 and 6455 levels on the Nifty and the Sensex, respectively, on an intra-day basis in Friday