By Vijay L Bhambwani, CEO of BSPLindia.com
The markets opened on a nervous note and ended the session with losses as the bulls failed to keep the Nifty above the 5510 bullish pivot throughout the session. The benchmark indices ended with approximately 1% losses at close. The traded volumes were lower as compared to the previous session, which is a routine indicator for a downtick session. The market breadth was negative as the BSE & NSE combined advance decline ratio was 1682 : 2594. The capitalisation of the breadth was negative as the commensurate figures were Rs 4419 crore : Rs 7894 crore. The NSE shed Rs 54889 crore in market capitalisation. The indices have closed in the lower end of the intraday range as the bulls were unable to offer support at higher levels. The intraday range specified for the Nifty between the 5525 / 5450 was breached marginally as the Nifty tested the 5439 levels, thereby mildly exceeding our intraday levels on the downside. The coming session is likely to witness resistance at the 5490 levels on advances. Support is likely at the 5400 levels below which the 5375 level maybe tested. The bullish pivot for the session is likely at the 5475 levels above which the Nifty must stay throughout the session. The bearish pivot is at the 5460 levels below which declines may occur. Traders must watch these levels for signs of trend determination in the coming session. The daily candle chart of the Nifty shows a large bearish candle, indicating a lack of buying conviction. The bulls failed to overcome the Tuesday intraday highs forcefully to dominate the session, which resulted in the bears pushing through a "morning attack" formation. The downward sloping trendline remains the nemesis of the bulls and as long as rallies occur below this trendline, they are corrective pullbacks alone. The Nifty (spot) must stay above the 5475 levels sustainably with volumes and open interest expansion to rally intraday on Thursday. On the flip side, sustaining below the 5460 levels may trigger a fresh bout of declines. The market internals indicate a lower turnover due to the lack of buying interest on dips. The number of trades were higher and the average ticket size per trade was lower, which indicates a poor buying bias. The capitalisation of the market was lower in line with a bearish session. The put call ratios indicate the bears squaring up their shorts on declines.| NSE cash figures | Jun 14, 2011 | Jun 15, 2011 | Change |
| Turnover Rs Crs | 10,200.94 | 9,655.66 | (-) 545.28 |
| Number of trades | 52,17,050 | 53,12,525 | 95,475 |
| Capitalisation Rs Crs | 65,45,380 | 64,90,491 | (-) 54,889 |
| Average value per trade - Rs | 19,553 | 18,175 | (-) 1,378 |
| F&o Cues | Jun 14, 2011 | Jun 15, 2011 | Change |
| Nifty PCR | 1.28 | 1.19 | (-) 0.09 |
| Bank Nifty PCR | 1.23 | 0.99 | (-) 0.24 |
| Stock PCR | 0.29 | 0.28 | (-) 0.01 |
| Marketwide PCR | 0.50 | 0.46 | (-) 0.04 |
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