The market breadth was negative as the combined exchange figures were 1886:1984. The capitalisation of the figures on a commensurate basis were marginally positive as the numbers were Rs 9835 crore:Rs 8287 crore.
The indices have closed at the lower end of the intraday range and with negative market internals - indicating continued distribution at higher levels. The 5040 / 5185 range advocated for Monday held as the Nifty traded well within these parameters.
The coming session is likely to witness a range of 5045 on declines and 5135 on advances. As long as the bulls maintain the 5120 level on the Nifty, the outlook is likely to be positive. Conversely, the Nifty will remain subdued if it trades below 5100 on a consistent basis.
The market internals indicate a lower turnover as the participation levels fell marginally. The number of trades decreased and the average ticket size was lower, indicating an unwinding bias by retail hands. The capitalisation of the market was higher in contrast with a down tick session.
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The outlook for the markets on Tuesday is that of guarded optimism as long as the overseas cues are positive.