|Market This Week
||Last week the NIFTY displayed a short rally and as mentioned in the last market view, it rose till the upper end of our channel to close above 8400 at 8459. It registered a gain of approximately 2.4% over last week. This was an indication of the markets factoring in for week quarterly earnings. Now does it mean the correction phase is over? Not yet. We can only be sure when NIFTY sustains the level of 8400 and moves strongly above it to close above 8600. However, we don’t see NIFTY moving quickly above 8600 this week. Till then the volatility is likely to continue. Also this week marks the May derivative expiry and the markets are likely to be volatile. We must have a cautious approach this week too and as far as possible wait for a clear direction to take new positions. The RBI meet which is scheduled next week is likely to be the next trigger for the markets. The markets are expecting a rate cut and we will have to see if the expectations are met. All the best!