The market breadth was negative as the combined advance decline ratio was 1055:2866. The capitalisation of breadth was negative as the figures were Rs 2890 crore:Rs 14,835 crore.
The indices closed at the lower end of the intraday range and that too with weak market internals. The markets are showing a tendency to drift lower as the bulls are unable to stem the bearish tide.
The lower volumes are a minor mercy as the markets can decline on lower volumes for extended periods of time. The intraday range suggested for the Nifty at the 4950 / 5080 was violated marginally on the downside as the Nifty tested the 4940 levels.
The coming session is likely to witness a range of 4875 on declines and 5020 on advances. The 4985 level will be the bearish pivot below which the outlook will remain weak.
The outlook for the markets on Monday is that of caution, given the lack of buying conviction. Avoid bargain buying for now.
More From This Section
Vijay L. Bhambwani
(CEO- BSPLindia.com)
Mandatory disclosure: the analyst has no exposure to any scrip/s recommended above.
