Tech view: Fresh buying likely

Tech view: Fresh buying likely

Vijay Bhambwani / Mumbai April 16, 2008

The markets opened on a nervous note and turned on a dime as the Infosys results turned the tide in favour of the bulls. The traded volumes were higher as the participation levels perked up.

The market breadth was positive as the combined exchange figures were 2,617:1,230. The capitalisation of breadth was also positive as the commensurate figures were Rs 17,053 crore:Rs 2,560 crore.

The indices closed at the upper end of the intraday range as the bulls retained their new found initiative. The positive market internals provide a weight of evidence that the market sentiments are discounting negativity with little or no concern.

Oriental charts are now beginning to indicate a