| The markets opened on a cheerful note and ended Thursday with large losses as the bulls were unable to hold on to their gains. |
| The benchmark indices closed the session with almost a one per cent loss. The traded volumes were steady compared with Wednesday's session. |
| The market breadth was marginally positive as the ratio of advancing to declining shares on the Bombay Stock Exchange and the National Stock Exchange combined stood at 1625 : 1512. |
| The capitalisation of the breadth was also marginally positive as the numbers from the two bourses taken together stood at Rs 3,032 crore: Rs 2,925 crore. |
| The indices have fallen from the crucial 2077 and 6626 levels on the Nifty and Sensex, respectively, which have been advocated as a short-term threshold level for the bulls. |
| The support on the downside will be seen at 2042 and 6518 on an intra-day basis in the coming session. |
| Should these short-term supports be violated, expect a deeper corrective fall in the near term. |
| The next support will be at 2018 & 2004 levels on the Nifty in the coming days. The traded volumes will be a key role in the short term trend determination. |
| The outlook on the markets on Friday is that of abundant caution as the weekend session will see nervousness at higher levels. |
| Stock specific activity is likely to be seen in HPCL, BPCL and Hindustan Lever, which will determine the short-term trends. |
| These stocks are appearing weak on the charts and any unwinding will see sharper falls. Aggressive traders can press sales for short term gains. Trades should be initiated in small lots only.
Vijay L. Bhambwani |
| Sebi disclosure: the analyst has no exposure to the scrips mentioned above. |
Dipping below crucial levels
TECHNICALS
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First Published: Apr 08 2005 | 12:00 AM IST
