Number of Advanced Stocks = N1 = 920, Number of Declined Stocks = N2 = 723, Volume in Advancing Issues = V1 = 80846000 and Volume in Declining Issues = V2 = 703970000
Arms Index (TRIN Ratio) = [(N1/N2) / (V1/V2)] = [(920/723) / (80846000/70397000)] = 1.108 ~ 1.11
A TRIN Ratio of above 1 is consdiered to be bearish and one below 1 is considered to be bullish. Therefore, if the TRIN Ratio is 1.11 the the market is bearish in nature.
Hence, the correct option is (d)
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