| Traded volumes were higher than in Wednesday's session. |
| The breadth was marginally negative as the ratio of advancing to declining shares on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) combined stood at 1388 : 1466. |
| The capitalisation of the breadth was positive as the combined exchange figures were Rs 3,701 crore : Rs 2,190 crore. |
| Derivatives data available for the previous session indicate a selling bias as bulls have pared exposure at higher levels. |
| The indices have remained within the upward sloping channel and the upmove with higher volumes has been a positive development, though buying was polarised in technology heavyweights. |
| Due to the high weightage on the indices, technology stocks are likely to boost the indices in the coming days. |
| The resistance on the upsides is likely at the 1814 and the 5755 levels in the coming session. |
| Support on the downsides is likely at the 1782 and the 5688 on the Nifty and Sensex, respectively. |
| The downward correction is by no means over as the previous significant highs are not surpassed yet. |
| The outlook for Friday is that of cautious optimism as the weekend is likely to see hesitation in the bull camp with respect to enhancing commitments. |
| Traded volumes will hold the key to the short term trends and the technology sector will remain in the limelight in the coming days. |
| I advocate initiating short combinations on the Nifty in the near-month series, in small lots. Vijay Bhambwani |
| Sebi disclosure: The analyst has no exposure to the scrips mentioned above. |
Explore Business Standard