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The western charts indicate an “inside day” pattern as the day’s range was within the previous session – signs of a bigger move in the offing. The coming session is likely to witness a range of 4510 on advances and 4360 on declines – which coincides with a Fibonacci level. The bulls will need a consistent trade above the 4480 pivot and the bears will return if the Nifty keeps below the 4460 levels.

The outlook for the markets on Friday will be cautious as the weekend factor coupled with overseas cues may curb the buying exuberance. Bottom fishing should be avoided for now.