Nifty struggling to get above 4900 mark

CNBC-TV18s Executive Editor, Udayan Mukherjee - The market’s struggling a bit, it looked promising in the middle of the day when those GDP numbers came in but ever since, it’s been a gradual struggle to get above that 4900 mark and stay there. The index has given up most of its gains and even the midcaps. The breadth of the market is actually quite bad, the volumes have not been as good as you would have expected at the start of the new series. So the internals are not great today, the breadth is not good and even the large cap names are struggling to hold the Nifty up, so it’s not down in the red yet, but it’s a little disappointing the second half of the session has panned out.
 
Trade is disappointing the way it has panned out, though we may still salvage something by the end of it all in the next one hour. But it's not looked convincing at all despite some support which has come in from the macro numbers. The market’s not shown any kind of inclination to stay above 4900, and all attempts to get there have been met with some fresh supplies which have come in and as I said, the breadth is so disappointing that it doesn’t matter what the Nifty is doing.

Today most of the liquid names are down, the small caps have come off, and the fertilizer stocks are down about 4% to 5% a piece and that’s where the traders have made a little bit of money during the course of the weeks. So no it's not convincing at all and the market will be made to do more around these levels. We still remain very much in that range we spoke about early in the day, 4800 to 5,000 and no indications yet for the traders whether it will break on the way up or on the way down from within this range.