The markets opened on a sluggish note and ended the session with gains as I have been advocating a bear covering ahead of the F&O expiry.

The traded volumes perked up and the market breadth was marginally positive as the BSE & NSE combined advance decline ratio was 2049 : 1598.

The capitalisation of the breadth was also positive as the frontline counters witnessed buying by strong hands. The F&O data for the previous session indicated a 2.08 per cent increase in net long positions and a marginal increase in the PCR.

The indices have closed at the upper end of the daily range as the bulls prevailed over the bears - which is a historically established pattern over the last few years ahead of the expiry.

That the traded volumes perked up and the market breadth was higher were collateral evidence of the underlying optimism in the sentiments. The 4242 support held as the Nifty bounced higher from the 4250 level itself.

The coming session is likely to witness an intraday range of 4315 / 4257 on advances and declines respectively. The 4255 level is a particularly critical short term support which should not be violated if the bulls are to remain in charge.

The coming session is likely to have a bullish bias as the pre expiry short covering is expected to persist tomorrow too. The traded volumes and market breadth will need watching for signs of trader commitment to fresh longs in the near term. The expectation is that of optimism barring negative overseas cues.