The markets opened on a steady note and ended the day with extended losses as the bulls were unable to lend support on declines. Traded volumes dipped as participation levels dropped on account of the volatility.
The market breadth was negative as the BSE figures were 726 : 2018. The capitalisation of the breadth was also negative on a combined exchange basis as the falls were widespread across sectors.
The indices have closed at the lower end of the intraday range and on marginally subdued volumes. Negative market internals added to the weak outlook. The 5170 support advocated for Wednesday was violated on a closing basis and the weakness was seen persisting till the fag end of the session.
The 5375 resistance projected was not tested as the intraday range was lower. The coming session is likely to witness a range of 5060 on declines and the 5275 on advances. Being a session dependent on external news flows, choppiness is likely to be higher. Traded volumes need careful monitoring.
The outlook for the markets on Thursday is that of volatility on lower turnover. Traders must curtail their exposure levels due to higher threat perception to their capital.