The turnover was lower as the traders abstained from big ticket commitments. The positive market breadth suggests retail buying on small / midcap counters even as the large caps witnessed unwinding on the back of mixed overseas cues.
The indices have closed at the lower end of the intraday range as the selling bias persisted till the fag end of the session. The lower turnover indicated an absence of selling panic, which is a mild relief. The intraday range advocated for Monday at the 5165 / 5290 held as the index traded well within these thresholds.
The coming session is likely to witness a range of 5240 on advances and 5150 on declines. The 5220 will be a bullish pivot for Tuesday, above which the bulls will have to maintain the Nifty if an upmove is to occur. Should the Nifty remain below the 5200 levels, expect a weak session ahead.
The outlook for the markets on Tuesday is guarded as the overseas cues are begining to play a larger-than-life role in determining domestic sentiments and that is an indication of the lack of buying conviction within the bull camp. Trade on light volumes for now.
