The capitalisation of breadth on a commensurate basis was also negative as the figures were Rs 9,449 crore: Rs 10,630 crore. The turnover was lower as retail players continued to sit on the fence.
The indices closed at the higher end of the intraday range as the short covering at the fag end of the session revived values marginally. The lower turnover indicated investor reluctance to go bottom fishing even in bluechip stocks.
The intraday range advocated for Wednesday at the 5075 / 5200 held as the Nifty traded within these parameters. The coming session is likely to witness a range of 5190 on advances and 5065 on declines. The 5120 will be a bearish pivot for Thursday, below which the players may expect a weak session ahead.
The market internals indicate a lower turnover as the participation levels fell slightly. The number of trades decreased and the average ticket size was higher, indicating a higher selling bias by retail hands. The capitalisation of the market was lower.
The outlook for the markets on Thursday is guarded as the bulls are showing no signs of enhancing commitments. Avoid bargain hunting for now and preserve capital.
Vijay L. Bhambwani
(CEO- BSPLindia.com)
Mandatory disclosure: the analyst has no exposure to any scrip/s recommended above.
