| The indices opened on the back foot and the decline persisted till the fag end as the weekend factor and overseas cues kept the bulls at bay, as expected. |
| The traded volumes shrunk marginally as short-term players were reticent about enhancing their commitments. |
| The market breadth was negative as the combined exchange figures were 1294:2617. The capitalisation of breadth was also negative as commensurate figures were Rs 3061 crore:Rs 11,717 crore. |
| The indices closed at lower end of the intraday range as the selling pressure persisted till the fag end of the session. That the market internals were negative adds to the evidence of a further decline as per conventional bar charts. |
| The oriental charts also show falling tops and bottoms formation. The wave theory indicates a further decline as the three wave corrective phase is yet to run it's course completely. |
| The range for Monday is likely to be 5040 on declines and 5170 on advances. High volumes below 5040 are likely to trigger fresh weakness and need to be watched. |
| The outlook for the markets on Monday remains that of caution and barring routine bear-covering ahead of expiry, large scale buying appears to be elusive. Bargain hunting should be avoided.
Vijay L. Bhambwani |
| Mandatory disclosure: the analyst has no exposure to any scrip/s recommended above. |
Internals point to a further decline
TECHNICALS
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First Published: Feb 23 2008 | 12:00 AM IST
