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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
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