Nifty likely to witness range of 3050-2925: Bhambwani
The markets opened on a passive note and ended with extended gains as the bear covering cum fresh buying pushed indices higher. The bull charge was led by the banking sector which set the pace with scorching gains. The benchmark indices gained almost 2 % at close. The traded volumes were lower as compared to the previous session, which is a routine indicator on the eve of expiry. The market breadth was positive as the BSE & NSE combined advance decline ratio was 1893 : 1779. The capitalisation of the breadth was also positive as the BSE & NSE combined figures were Rs 13110 Crs : Rs 2760 Crs.
The indices have closed in the upper end of the intraday range and on positive market internals. The lower volumes are a mild concern as buying is tepid on advances. The 3025 / 2865 levels specified for the session has held as the Nifty retraced from the 2996 levels.
The coming session is likely to witness a range of 3050 on advances and 2925 on declines. The bullish pivot will be at the 2970 levels and the bearish pivot at the 2950 levels. Watch the traded volumes above the 3000 levels on the Nifty for signs of sustain ability.
The outlook for the markets today is that of continued optimism subject to positive overseas cues. Ignore shorts till the Nifty spot trades above the 2950 levels.