The capitalisation of breadth on a commensurate basis was also negative as the figures were Rs 5384 crore:Rs 15263 crore. The turnover was lower as retail players sat on the fence.
The indices have closed at the lower end of the intraday range as the selling bias was all pervasive. The lower turnover indicated an absence of buying support even on declines. The intraday range advocated for Tuesday at the 5150 / 5240 was violated on the downside as the markets were clearly under pressure.
The coming session is likely to witness a range of 5200 on advances and 5075 on declines. The 5150 will be a bearish pivot for Wednesday, 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 outlook for the markets on Wednesday is guarded as the overseas cues and weak domestic sentiments may result in more declines. Avoid bargain hunting for now.
