Tech view: Buying conviction utterly lacking (Business Standard 27th Feb 2008)The markets kicked off trading on an optimistic note, but the session ended in an insipid manner. The bulls clearly lacked buying conviction inspite of positive overseas cues and improved volumes.The market breadth was positive as the combined exchange figures were 2082:1832. The capitalisation of breadth was also positive as the commensurate figures were Rs 9463 crore:Rs 9349 crore.The indices closed at the lower end of the intraday range and that too with positive market breadth. The intraday range at 5220 / 5320 was overcome on the upside as the opening itself was firm.Technicians will note that the close was below the open, indicating a key reversal on the charts. Ahead of the budget, it indicates a sentiment of non-expectation. The intraday range in the coming session will be 5195 / 5360.Traded volumes must improve above the 5360 levels if the upmove is to be sustainable. The number of trades increased and the average ticket size was higher, indicating marginally higher selling. More
Sensex today closed 691.55 point up at 19854.12 , Nifty was up 218 points at 5985.10. It is the 6th bigeest gain in oneday. Today's main contributors are IT stocks. Wipro was up at 535.30 (+8.86%), Infosys up at 1810.90(+6.63%) and Satyam closed at 454.55 up by 6.28%. The buying activity was wide-base and lifted almost all the sectoral indices. Sector wise performance was as follows - BSE IT 4581.61 (+260.98) BSE Healthcare 4294.83(+52.30) BSE FMCG2218.74(+20.29) BANKEX 11101.74 (+363.15) BSE Auto5586.83(+45.57) BSE TECk3961.96 (+185.00) BSE PSU 9830.01 (+317.11) Today BSE Midcap closed at 9211.71 up by 186.17 and BSE Smallcap index closed at 11980.57 up by 167.25 points.
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