The markets got off a shaky ground as the guidance from Infosys caused a flutter initially. The recovery was swift as the benchmarks managed to get into the positive zone briefly before succumbing to selling pressure in the fag end of the session.

Volumes were higher than the previous session which is a negative indicator. Coming on a downtick day, the increased turnover may indicate distribution from smart money in the absolute near term.

The market breadth was positive as the combined exchange figures were 1991 : 1690. The capitalisation of the same was positive too as the combined exchange figures were Rs 9720 crs : Rs 6005 crs. The F&O data for the previous session indicated a mild decline in net long positions.

The indices have closed at the upper end of the intraday range on higher volumes, but the bar reversal on the Nifty indicated yesterday, took its toll as the bulls were unable to take the index past the intraday high of Tuesday.

The intraday levels specified for Wednesday were not met on the upsides as the indices opened lower. The 4385 critical support mention yesterday failed to hold as the intraday range came under pressure.

The coming session is likely to see an intraday range of 4428 on advances and the 4346 level on declines. Watch the market breadth and traded volumes for signs of sustainability.

The outlook for the coming session is that of guarded optimism as the overseas cues and if the midcap index gains on Wednesday is anything to go by, lower levels are likely to witness buying by stronger hands.