Nifty likely to witness range of 4800-4720: Bhambwani

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Technical Analyst, Vijay Bhambwani:

The markets opened on a positive note and ended with gains in the special session. The benchmark indices gained almost 1 % at close. The traded volumes were expectedly lower as compared to the previous session, which is a routine indicator for a mock session. The market breadth was positive as the BSE & NSE combined advance decline ratio was 3005 : 805. The capitalisation of the breadth was also positive as the BSE & NSE combined figures were Rs 2077 crs : Rs 557 crs. The Nifty gained Rs 59481 Crs in market capitalisation.

The indices have closed in the upper end of the intraday range as the bulls offered buying support at lower levels.

The intraday range for the Nifty is likely at the 4800 on advances. Support is likely at the 4720 levels below which the 4675 maybe seen. The bullish pivot for the sesson is likely at the 4750 levels and the bearish session at the 4730 levels. Traders must watch these levels for signs of trend determination in the coming session.  

The outlook for the markets today is that of guarded optimism as the bulls must hold the Nifty above the 4750 levels sustainably to extend the upmove.

The author is a Mumbai based investment consultant and invites feedback at vijay@BSPLindia.com or (022) 23438482.

Disclosure: The analyst has no exposure to the scrips recommended above.