The market breadth was positive as the BSE & NSE combined advance decline stood at 2442 : 1351. The capitalisation of the breadth was also positive as the commensurate figures were Rs 13,760 crore : Rs 3,712 crore.
The indices have closed at the upper end of the intraday band as the bear squeeze persisted till the fag end. That the market internals were positive adds to the optimism. The intraday range for Friday advocated at the 3860 / 4040 was overcome on the upside as the Nifty closed above this threshold.
That indicates a rising daily range. The coming session is likely to witness a range of 4210 on advances and 3975 on declines. The bullish pivot for the session will be 4040, above which the spot Nifty must remain to be bullish. On the flip side, the bearish pivot will be the 4000 level.
The market internals indicate a higher turnover as the participation levels rose due to the bullishness. The outlook for the markets on Monday is that of cautious optimism as the overseas cues, especially oil prices will shape the near-term sentiment.
Vijay L. Bhambwani
(CEO- BSPLindia.com)
Mandatory disclosure: the analyst has no exposure to any scrip/s recommended above.
