| Oriental charting techniques term this "evening attack". These are indications of smart money distributing at higher levels and a simultaneous lack of aggressive follow-up buying conviction in the bull camp. |
| The index made yet another key reversal as the close was lower than the opening. The Nifty was unable to cross the short-term barrier of 4550. |
| Investors will recollect I have been advocating this threshold as a litmus test for the undertone. Traded volumes were lower and the market breadth was marginally negative as the combined exchange figures were 1922 : 1947. |
| The capitalisation of the breadth on a combined exchange basis was Rs 7,759 crore: Rs 5854 crore. The derivatives data for Friday's session indicated an outright bias towards fresh sales at higher levels. |
| The indices have closed at the lower end of the daily range. The daily chart indicates a lowest close after September 5 2007. I had advised investors that a positive close on Friday would be required for a bullish trade on Monday - a condition that was not met. Initial strength gave way to weakness, exposing weak underbelly of the market ahead of a major overseas news trigger. |
| The intraday levels specified for Monday for the Nifty spot at the 4565 / 4470 with a pivot crossover at the 4539, below which the market was advocated to be bearish. |
| The Nifty behaved as predicted and that enables a projection of a range of 4450 on declines and 4535 for Tuesday with a pivot of 4525 above, at which the bulls will regain their initiative. The traded volumes may be subdued. |
| The outlook for Tuesday for short-term traders is that of caution. Fresh long initiatives should be avoided till compelling indications emerge to support such a move. Vijay L. Bhambwani |
| Mandatory disclosure "� the analyst has no exposure to the scrips mentioned above. |
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