![]() Expect some pullback upwards: BhambwaniPublished on Tue, Jul 14, 2009 at 08:41 | Source : Moneycontrol.com Updated at Tue, Jul 14, 2009 at 08:42
Technical Analyst, Vijay Bhambwani:
The indices have closed in the upper end of the intraday range, with negative market internals and lower volumes. These are indications of some bear covering at lower levels. The intraday range specified for Monday between the 4130 / 3870 has held as the Nifty traded within these parameters. The coming session is likely to witness a range of 4030 on advances above which the 4055 maybe likely. Support is likely at 3920 on declines below which the 3890 level maybe likely. The bullish pivot for the session will be at the 3975 and the bearish pivot at the 3950 levels. Traders need to watch the activity beyond these thresholds respectively for intraday guidance. The market internals indicate a lower turnover due to the lack of buying conviction. The number of trades were lower and the average ticket size per trade was lower, indicating a weak buying bias. The capitalisation of the market was lower in line with a downtick session. The outlook for the markets today is that of cautious optimism as the bears are showing some tendency to book profits at lower levels. Expect some pullback upwards. Disclosure: The analyst has no exposure to the scrips recommended above.
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