The markets opened on a positive note and ended with minor losses as the players digested Infosys’ numbers. It was a major trigger for the players as was reflected in the day’s trading. The technology index rallied strongly on the back of buying, thereby bucking the trend.
The benchmark National Stock Exchange index fell 1 per cent at close. Traded volumes were steady compared to the previous session, which is a neutral indicator. The market breadth was negative as the BSE advance decline ratio was 848:1562. The capitalisation of the breadth was also negative as the BSE & NSE combined figures were Rs 3,955 crore: Rs 8,000 crore.
The indices closed in the lower end of the intra-day range as the selling pressure persisted till the end of the session. Negative market internals and steady volumes indicated a lack of buying support on the declines. The intra-day range specified for Tuesday — between 2,850 and 2,675 levels — has held as the Nifty traded within these parameters.
The coming session is likely to witness a range of 2,800 on advances and 2,670 on declines. Note the 2,670 level acting as a static short-term support. The intra-day bulls will return in the fray only above the 2,775 and will remain subdued below the 2,740 levels.
