| The traded volumes were higher than the previous session as a higher intra-day churn was evident. |
| The market breadth was marginally negative as the BSE and NSE combined figures were 1,518 : 1,864 and the capitalisation of the breadth was positive as the figures on a BSE and NSE combined basis were Rs 9,643 crore : Rs 5,841 crore. |
| The F&O data of the previous session points towards a paring of exposure by 0.80 per cent on a net basis as the bulls showed a bias towards unloading positions at higher levels. |
| The indices have shown a weak pattern on the daily charts with the banking, midcap and technology indices actually showing bar reversals as the closing was clearly lower than the opening and the intra-day highs were significantly higher than the current upmoves. |
| The traded volumes being higher on such a key reversal day is not welcome news for the markets. As indicated yesterday, upsides have indeed met with selling pressure in the markets and the 3,574.44-resistance level specified has not been surpassed. |
| The outlook for the markets on Thursday is that of caution as the upsides are likely to witness some more paring of exposure as the impeding expiry of the April F&O series coupled with profit-taking by short term players is likely to cap gains in the absolute short term. |
| Sectoral strength maybe seen in the pharmaceutical scrips as investors are showing a bias towards "flight to quality," as the turbulence in the market steps up. Aggressive purchases, bottom-fishing and averaging is ruled out for now. Vijay L. Bhambwani |
| SEBI disclosure: the analyst has no exposure to the scrips mentioned above. |
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