The traded volumes were sharply higher and coming on an uptick session, are harbingers of hope. The market breadth was positive as the combined exchange figures were 2324:1588.
The capitalisation of the figures on a commensurate basis was positive as the numbers were Rs 20362 crore:Rs 4499 crore.
The indices have closed at the upper end of the intraday range and that too with positive market internals - indicating the possibility of cheerful times ahead in the absolute short term.
The 5045/5135 range advocated for Tuesday was easily overcome as the Nifty closed significantly higher than this threshold. The coming session is likely to witness a range of 5115 on declines and 5275 on advances. As long as the Nifty remains above the 5150 mark, the outlook is bullish.
The market internals indicate a higher turnover as the participation levels rose sharply. The number of trades increased and the average ticket size was higher, indicating a buying bias by stronger hands.
The outlook for the markets on Wednesday is that of continued optimism as long as the overseas cues are positive.
via Business Standard
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