The traded volumes were relatively unchanged compared to the previous session, which is a routine indicator on a high volatility session.
The market breadth was positive as the BSE advance decline ratio was 1453:1171. The capitalisation of the breadth was also positive as the BSE & NSE combined figures were Rs 8407 crore:Rs 7167 crore.
The indices have closed at the upper end of the intraday range as the closing level was boosted by bear covering. That the market internals were positive adds to the weight of evidence that the near term outlook is positive.
The intraday range specified for Thursday at the 4045 / 4270 has held as the index gyrated within these parameters. The coming session is likely to witness a range of 4210 on advances and 4110 on declines. The bullish trigger for the session will be the 4150, above which the Nifty must sustain if the upmove is to sustain.
The outlook for the markets on Friday is that of guarded optimism as the weekend factor and the overseas cues will weigh on the near-term sentiment. Profit taking at higher levels cannot be ruled out.
