Markets expected to trade range bound with mild bullish bias - AXIS DIRECT

Nifty edged higher in the week ended Friday, 8 March 2013 as world stocks rose on bullish economic data in the US and China, the world's no 1 and 2 economies. S&P Nifty attained its highest closing level in more than 4 weeks.

Nifty finally closed at 5968 with 238 points gain on weekly basis. Nifty futures closed with 22.6 points premium compared to 10.3 points premium of previous week. Nifty futures witnessed increase in price by 4.16% with 14.38% increase in open interest along with 11.49% increase in volumes.

FII's were net buyers in Index futures to the tune of 1744 Cr and were net buyers in Index options to the tune of 2831 Cr. FII's net buyers in derivatives to the tune of 4575 Cr and derivative segment saw 49.31% decrease in turnover in terms of rupees as compared to previous week.

Nifty witnessed increase in open interest with increase in price along with relatively higher volumes on weekly basis indicating built-up of long positions. Markets are expected to trade range bound with mild bullish bias. Nifty may find support around 5900 followed by 5830 levels while 6080 followed by 6100 may act as resistance.

Source : Equity Bulls

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