| The undertone remained subdued as the negative market breadth on combined exchange basis suggests (1096:2986). The capitalisation of breadth was also negative as the commensurate figures were Rs 13245 crore: Rs 17769 crore. |
| The indices have closed at the lower half of the intraday range and on negative market internals. As was advocated yesterday, profit taking bias is gaining impetus. |
| The 6215/6340 intraday range specified for Wednesday has held as the Nifty failed to surge past the 6338 levels. The oriental charts are now confirming the Jan 08 session as the "Kihon Suchi" or the "day of the turn" for the day traders. |
| The coming session will witness an intraday range of 6205 on declines and 6340 on advances. Traders may note how the 6340 continues to remain a resistance point on the short term charts. A breakout (if any) above this threshold must be accompanied by very high volumes to rope in retail buying all over again. |
| The outlook for the markets on Thursday is that of caution as the bulls seem to be on the defensive in the absolute near term. Big ticket longs should be avoided for now. Vijay L. Bhambwani |
| Mandatory disclosure: the analyst has no exposure to any scrip recommended above |
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