| The market breadth was highly negative as the BSE and NSE combined figures were 1:3 and the capitalisation of the breadth was also negative. |
| The F&O data of the previous session shows a sharp build-up of fresh positions which had made the markets top heavy. |
| The indices have closed at the lower end of the intra-day range and the high volumes are a pointer towards weakness. It may be recalled that I had indicated weakness in the markets on the basis of key reversal patterns being witnessed on the short term charts across the exchanges in the past two sessions. |
| It has been historically seen that key reversals at significant highs has ushered in fresh bouts of selling which have predictable patterns. |
| The intraday levels for the Nifty spot will be at the 3077.51 on declines and 3165.89 on advances. Only beyond these two parameters, will a fresh move unfold in the absolute near term "� in either direction. |
| The outlook for the markets on Thursday is that of continued caution and I would advocate abstinence from bottom fishing as long as the markets do not signal a sustainable base. |
| In the coming session, upsides are likely to be greeted with offloading due to significant overhead supply and paring of long positions in the derivatives segment. |
| Sectoral strength is being witnessed in the technology sector which has shown relative out performance as select counters have been holding ground in the face of selling pressure. |
| TCS is likely to remain bullish as long as the scrip trades above the 1703 levels for a major part of the session on Thursday. Purchases maybe initiated for the medium term perspective in small lots only as volatility is likely to remain high. Vijay L. Bhambwani |
| SEBI disclosure: the analyst has no exposure to the scrips mentioned above. |
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