|Market This Week
||The F&O data suggested that, though there was SHORT covering last week, not all of the shorts were covered. Hence we didn’t see the rally as expected. Our market saw a pullback on Thursday just when the bears were about to get into control. The NIFTY support of 5800-5850 was kept intact. The US market continues to move up and Asian markets too are stable. FII flow is stable. No downfall is really expected. Note that 5800-5850 support would be crucial for us. If the NIFTY breaks this support, the bears would take control. This is when we should be going SHORT. The market is likely to remain volatile for this week. It is difficult to say which way the market will move from here. We should wait for the NIFTY to break 6000 in order to be bullish. Until then we must remain stock specific. Having said all that, it is not a great time for us to be taking big steps now.