The market breadth continued to remain negative as the combined exchange figures were 1840:1988. The capitalisation of the breadth on a commensurate basis was positive as the figures were Rs 14575 crore:Rs 7407 crore. The F&O data for the session indicated a higher turnover.
The markets have closed at the upper end of the intraday range as the bulls prevailed over the bears. That the market internals were marginally negative is a sign of scepticism.
The 4690 / 4485 range advocated for Thursday was vindicated as the Nifty topped out exactly as forecast. The coming session is likely to witness a range of 4770 on advances and 4580 on declines. The 4630 level will be a bullish threshold, above which the bulls will see some relief.
The market internals indicate a higher turnover as the participation levels rose. The number of trades increased and the average ticket size was higher, indicating an improved buying bias. The capitalisation of the market was higher in line with an uptick session.
The outlook for the markets on Friday is that of guarded optimism as the weekend factor and overseas cues will determine immediate sentiment.
