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Nifty In Pullback Mode

| 4/4/2013 9:01 PM Thursday

Nifty In Pullback Mode

The NSE Nifty has seen a good pullback from the 5610 level. 5600 has proved to be a short-term bottom for the index as the market came close to the 5610-5630 level several times and despite the strong downward momentum, failed to break through these zones. A relief rally was expected as the risk-reward ratio was not in favour of bears around these levels, and so a small pullback upto 5800-5830 can be seen. The trend for the Nifty remains downward, and this will reverse only if it manages to close above the levels of 5980-6000.

The Mid-Caps and Small-Caps have outperformed their larger counterparts. The pullback in Mid- and Small-Caps was expected as they were in an oversold zone for a long period of time. Realty and Capital Goods have outperformed the markets and maintained good momentum in sluggish conditions. Healthcare and Consumer Durables have provided support to the market and look good for the short term. IT and FMGC have helped the Nifty to recover from its lows. Metal and Auto, though, have maintained their position as the weakest sectors around.

The Nifty has given a breakout from a falling wedge pattern, which is a positive sign. The index may bounce back to the 5800-5830 levels in the coming trading sessions. We feel that the market will remain range-bound. The lower-end range for the Nifty is around the levels of 5600 and the higher end is placed at 5830. Once we see a breakout or a breakdown of the range, there could be a sharp movement.

 

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