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Technical Analyst, Vijay Bhambwani:
Opening on a nervous note, the markets ended with minor losses as the bulls failed to provide support at lower levels. The traded volumes were lower as compared to the previous session, which is a routine indicator on a downtick session. The market breadth was negative as the BSE & NSE combined advance decline ratio was 1376 : 2618. The capitalisation of the breadth was positive as the BSE & NSE combined figures were Rs 16098 Crs : Rs 14544 Crs. That indicates selling by retail players and focused buying on index heavy weights.

The indices have closed in the median area of the intraday range but with negative market internals and lower volumes. These are indications of retail selling pressure. The market was dragged down by the technology and banking stocks. The intraday range specified for Thursday between the 4740 / 4550 has held as the Nifty traded within these parameters.

The coming session is likely to witness a range of 4700 on advances above which the 4740 maybe seen. Support is likely at 4575 on declines. The bullish pivot for the session will be at the 4640 and the bearish pivot at the 4620 levels. Traders need to watch the activity beyond these thresholds respectively.

The market internals indicate a lower turnover due to the weakness. The number of trades were lower and the average ticket size per trade was lower, indicating an weak buying bias. The capitalisation of the market was lower in line with a downtick session.

The outlook for the markets today is that of guarded optimism as the overseas cues and follow up buying will determine the fresh upsides. Being a weekend session, bulls may not initiate large scale overnight long positions.

Disclosure: The analyst has no exposure to the scrips recommended above.

Source : MoneyControl

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