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| The benchmark indices closed with marginal changes, as the markets lacked a clear trend at close. Traded volumes were in line with yesterday's session. |
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| The market breadth was positive as the combined figures on the Bombay Stock Exchange and the National Stock Exchange were in the 1,834:1,249 ratio and the capitalisation of the breadth was also positive as the figures on the BSE and NSE were at Rs 4,811 crore:Rs 3,432 crore. |
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The indices have managed to close near their previous levels and that is a sign of minor comfort as the previous days showed a slump towards the end of the session.
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It is important that the Nifty stay above the 1,930 levels for the next few sessions if the markets are to conclusively bottom out for now.
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Should the up-move continue, the next resistance levels will be at the 1,951 and 1,966 levels.
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Support on the downside will be at 1,918 and 1,901. On no account should the 1,901 level be breached with higher volumes or a further fall can occur.
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The outlook for the markets on Wednesday is that of caution as the trend determination process is underway and this sideways trend can continue for the short-term.
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The impeding expiry of the January series will have an impact as demand/supply forces dictate the sentiment for now.
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| I advocate purchases only once a bullish trend has been established conclusively. Till then maintaining a higher cash component is a prudent strategy. |
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