| Benchmark indices rallied over a per cent to regain Wednesday's lost ground. Traded volumes were marginally lower than in the previous session, which hints at slight caution in the undertone. |
| The market breadth was positive as the ratio of advancing to declining shares on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) combined stood at 1705 : 1212. |
| The capitalisation of the breadth was also positive with the numbers on the two bourses taken together standing at Rs 5,109 crore: Rs 932 crore. |
| The indices are again above their channel tops and are likely to face resistance at their congestion levels around 1828 and 5821 on the Nifty and the Sensex, respectively, in the coming session. |
| Lower volumes on an uptick session is a sign of circumspection and shows that bulls are hesitant about enhancing commitment at higher ranges. The support on the downside is likely at 1789 and 5734 on the Nifty and the Sensex, respectively, in the coming session. |
| Traded volumes in conjunction with the market breadth and the open interest need to be watched carefully for short-term trend determination. |
| The outlook for Friday is of cautious optimism as the mood is likely to be determined by external factors such as crude oil prices and overseas market trends. |
| The overall outlook in the medium term remains firm as the pre-result build-up in positions is evident in the F&O segments. The boost in the markets is likely to come from the metals sector. |
| Activity is likely in Tata Steel, which is headed for the Rs 310-315 mark in the near term. Buying is recommended in the cash and derivatives segments in small to medium lots. Vijay L. Bhambwani |
| Sebi disclosure: the analyst has no exposure to the scrips mentioned above. |
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