The stock market fell very quickly from 5,100 levels to 4,850 levels and this looks like a pullback of that. If global markets don’t close too badly today. We expect the Nifty index to extend to almost 5,000 kinds of levels on early next week.
The reversal from 5,100 levels has damaged the uptrend quite considerably. Even if the market gets a little more reconstruction early part of next week, appearances are that this is not a game changer event which will go on over the weekend. We might at best stay in the 4,800-5,100 kind of a range for a few days, but the downside is still open, not withstanding today’s pullback.
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