Forming Lower Bottoms And Tops

The stock markets made a futile attempt to tread higher but ended the day at lower levels following an abundance of bearish triggers.

The Bombay Stock Exchange (BSE) sensex ended the day at 3247.51 (down 13.96 points) and the National Stock Exchange (NSE) Nifty 50 at 1044.45 (down 03.55 points).

The market breadth was negative as the combined advances: declines figures on both the exchanges were 687:1369.

Traded volume on the BSE was Rs 1,218 crore, while on the NSE, it stood at Rs 2,529 crore.

The capitalisation of the market breadth stayed bearish as the numbers were Rs 1,065 crore: Rs 2,561 crore on a combined exchange basis.

 

Traded volumes on the exchanges continued to remain subdued and that remains a major cause for concern as it signals a lack of depth, and therefore support, at lower levels.

The indices have closed at their lowest levels in this month and are making a lower bottoms and tops formation. This signals a high probability of a further fall in the coming few sessions.

The outlook for Friday