The market breadth was positive as the BSE & NSE combined advance decline ratio was 2385:1512. The capitalisation of the breadth was also positive as the commensurate figures were Rs 20120 crore:Rs 939 crore. The F&O figures for the session indicated a higher turnover.
The indices have closed at the upper end of the day's spectrum and the market internals turned positive. The bulls came back in strength in the latter half of the session as the short squeeze gained momentum.
The 3775 / 4020 range advocated for Wednesday was overcome on the upsides as the index overcame this hurdle even on a closing basis.
The coming session is likely to witness a range of 3935 on declines and 4255 on advances. The Nifty spot trading consistently above the 4000 levels will lead to a bullish outlook.
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The participation levels rose due to the market upthrust. The number of trades increased and the average ticket size was higher, indicating an accelerated buying bias. The capitalisation of the market was higher in line with an uptick session.
The outlook for the markets on Thursday is that of cautious optimism as the bulls are likely to attempt a fresh offensive. Should the overseas cues be positive, the strength may last in the near term.