| The benchmark indices lost under a per cent and the undercurrent was distinctly nervous. |
| The traded volumes were significantly lower as the players showed a lack of interest even at lower levels. |
| The market breadth was highly negative as the ratio of advancing to declining shares on the Bombay Stock Exchange and the National Stock Exchange combined stood at 1239 : 1956. |
| The capitalisation of the breadth was also very negative as the figures on the two bourses taken together were Rs 2,062 crore (advances): Rs 3,117 crore (declines). |
| The indices have seen a fall and the lower tops and bottoms formation is underway. |
| The immediate support on the downsides will be at 2034 / 6475 levels on the Nifty and the Sensex, respectively, in the coming session. |
| Should these levels be violated, the markets may see sharper falls in the absolute short term. |
| On the higher side, expect resistance at 2068 levels on the Nifty in Tuesday's session. |
| Traded volumes must see a quantum jump if the retail participation is to return to the markets. |
| The outlook for Tuesday is that of caution as the bulls are unable to pull up the markets significantly. |
| There is a rangebound bias and as long as the 2080 levels are not surpassed by the Nifty on convincing volumes, I do not foresee a sense of bullishness returning to the markets. |
| The most judicious approach would be to wait and watch and let clarity emerge on the trend determination front before taking a fresh view on the markets. |
| Vijay L. Bhambwani |
| Sebi disclosure: the analyst has no exposure to the scrips mentioned above. |
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