The market breadth was negative as the combined exchange figures were 1816:2044. The capitalisation of the figures on a commensurate basis was positive at Rs 11715 crore:Rs 11240 crore.
The f&o data for the session indicated a lower turnover as the traders stayed away from buying commitments ahead of the holiday.
The indices have closed at the lower end of the intraday range as buying support was missing even on declines. That the turnover was higher than the recent averages, indicating some unwinding at higher levels.
The 5115 / 5275 range advocated for Wednesday held as the index has stayed within these parameters. The 5150 pivot point was not violated and that was a silver lining.
The coming session is likely to witness a range of 5120 / 5215. The 5150 level now becomes a bearish pivot for the coming session, below which the bulls are likely to be at a disadvantage. Bulls are likely to be in charge above the 5200 levels only.
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The outlook for the markets on Friday is that of caution. The overseas cues and the Fed decision will impact the near-term trend. Trade on lower exposure for now.
Vijay L. Bhambwani
(CEO- BSPLindia.com)
Mandatory disclosure: the analyst has no exposure to any scrip/s recommended above.
