| Traded volumes were sharply lower compared with the previous session and the 10-day average. |
| The breadth was negative as the ratio of advancing shares to declining shares on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) combined figures was 1146: 1434. |
| The capitalisation of the breadth was marginally positive as the figures on the two exchanges stood at Rs 3,293 crore : Rs 2,027 crore. That shows a buying focus on select index heavyweights "" which is an attempt to boost the indices. The derivatives figures available for Tuesday's session show a stagnant outstanding position. |
| The indices are now precariously poised at the short-term bands where the upside resistance will be at 1716 and 5466 levels on the Nifty and Sensex, respectively. |
| The immediate supports will be at 1670 and 5350 levels below which, the immediate outlook will be weak. |
| The traded volumes need to improve when the indices move up, or else the outlook remains weak. |
| The outlook for the markets on Thursday is that of cautious optimism as the bulls are attempting to pull up the markets, albeit feebly. |
| I continue to advocate selling Nifty calls at deeply out-of-money strike prices and in minimal lots only. |
| Vijay L. Bhambwani CEO, BSPLindia.com |
| The author is a Mumbai-based investment consultant and invites feedback at vijay@BSPLindia.com or ( 022 ) 23438482 / 23400345. |
| Sebi disclosure: The author has no outstanding positions in any of the stocks mentioned above. |
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