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Nifty likely to witness range of 4045-4270

Posted on: July 10, 2008 - 9:14am
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Nifty likely to witness range of 4045-4270
The markets opened with gap up and ended the session with strong gains as overseas cues and falling energy prices cheered the bulls. The traded volumes were higher as the upmove witnessed mild exuberance. The market breadth was positive as the combined exchange figures were 3194 : 696. The capitalisation of the breadth on a commensurate basis was also positive as the buying was broadbased. The f&o data for the session indicated a higher turnover, which is a positive indicator.The indices have closed at the upper end of the intraday range as the short covering cum buying momentum kept the prices buoyant. The market internals turned positive which indicates a mood swing in the retail camp in the absolute near term. The 4070 / 3900 range advocated for Wednesday was overcome on the upsides as the Nifty spot closed above this threshold. The coming session is likely to witness a range of 4045 on declines and 4270 on advances. The bulls will have to keep the average traded price of the Nifty spot above the 4100 to keep the sentiments bullish.