| The markets opened weak and ended with losses as the previous sessions gains proved to be a temporary blip on the bulls' radar. The traded volumes were almost unchanged as the participation levels were insipid. |
| The market breadth was positive as the combined exchange figures were 2017:1758. The capitalisation of breadth was even as the commensurate figures were Rs 8585 crore:Rs 8589 crore. |
| The derivatives data for the session indicated a lower turnover as the traders displayed a lack of conviction. The Nifty PCR stood at 1.16. |
| The indices have closed at the lower end of the intraday range. Bears were in charge as the 4730 bullish pivot, advocated yesterday, was violated. The positive market internals indicate a continued lack of unwinding panic. |
| The 4655 / 4865 range specified for Tuesday was not overcome on either side, even on an intraday basis "� indicating a wait and watch approach. |
| The poor traded volumes remain a cause for concern. The coming session is likely to witness a range of 4650 / 4765. Watch the activity above the 4735 levels, which is the bullish pivot for the coming session. |
| The outlook for the markets on Wednesday is that of caution as overseas cues are likely to weigh on local players. Trading ranges are likely to be truncated till the earnings season is over.
Vijay L. Bhambwani |
| Mandatory disclosure: the analyst has no exposure to any scrip/s recommended above. |
Players adopt a wait and watch approach
TECHNICALS
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First Published: Apr 09 2008 | 12:00 AM IST
