The capitalisation of breadth on a commensurate basis was also negative as the figures were Rs 3275 crore:Rs 17118 crore. The turnover was higher as the selling pressure accelerated. The f&o figures for the session indicated a higher turnover as the bears emerged with daggers drawn.
The indices have closed at the lower end of the intraday range as the selling pressure accelerated. The higher turnover indicated a selling bias even at lower levels. The intraday range advocated for Friday at the 5030/5130 was violated on the downside by a huge margin.
The coming session is likely to witness a range of 5030 on advances and 4900 on declines. The 5015 level will be a bearish pivot for Monday, below which the players may expect continued selling pressure.
The market internals indicate a higher turnover as the participation levels rose. The number of trades increased and the average ticket size was higher, indicating a selling bias by retail hands. The capitalisation of the market was lower in line with a downtick session.
The outlook for the markets on Monday is guarded as the bulls are unlikely to come back in force in the absolute near term.
Vijay L. Bhambwani
(CEO- BSPLindia.com)
Mandatory disclosure: the analyst has no exposure to any scrip/s recommended above.
