The markets opened with a bounce and ended with losses as the overseas cues shaved off early gains. The traded volumes were higher as the participation levels improved slightly.The market breadth was positive as the combined exchange figures were 2424 : 1430. The capitalisation of breadth was positive as the commensurate figures were Rs 9421 crore: Rs 8254 crore.The indices closed at the lower end of the intraday range as the bears emerged at higher levels - in force. The positive market internals indicate an optimism in the undertone.The 4690 / 4820 range specified for Thursday was not overcome on either side, even on an intraday basis, validating our wavecount. The coming session is likely to witness a range of 4780 / 4680. Watch the activity below the 4750 levels, which is the bearish pivot for the coming session.The market internals indicate a slightly higher turnover as the participation levels rose marginally. The number of trades decreased and the average ticket size was higher, indicating selling bias. The capitalisation of the market was higher in contrast with a downtick session.The outlook for the markets on Friday is that of caution as players are likely to be nervous on the inflation numbers front. Overseas cues and weekend considerations will see the buying momentum remaining subdued.
