| The markets were quiet after a highly volatile session yesterday and traded in a relatively narrow range. The traded volumes also sobered down and the day traders paused for a breather in a calmer market. The indices ended the session off their intraday depths and closed in the red with minor losses. |
| The market breadth remained negative as the combined exchange figures were 1584 : 2322. The capitalisation of the breadth was positive as the commensurate figures were Rs 15078 cr:Rs 10886 cr. |
| The F&O data for Wednesday's session indicated attrition in open interest as bulls pared their exposure at higher levels. |
| The indices closed at the upper end of the intraday range, but made an "inside day" formation on the daily Dow charts. The lower traded volumes on an inside day formation is a text book example of such a pattern. |
| The intraday range specified for Thursday at the 5350 / 5070 levels was not tested in either direction as the day was a truncated one as far as volatility was concerned. |
| The coming session is likely to witness an intraday range of 5140 on declines and the 5275 level on advances. The pivot to watch out for will be 5185, bove which the Nifty must trade consistently if the bullishness was to be maintained. |
| The outlook for the markets on Friday is that of continued optimism, though the weekend factor coupled with the overseas cues may cap the upsides. Fresh big ticket commitments should be avoided.
Vijay L. Bhambwani |
| Mandatory disclosure: the analyst has no exposure to any scrip recommended above. |
Weekend factors, global cues to hold the key
TECHNICALS
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First Published: Oct 05 2007 | 12:00 AM IST
