The Nifty and the broad market staged a smart recovery on Friday the 30th March. The technicals of the market suggest that this was just a surprise rally as envisaged in the last week's post. The market may continue to be weak if the Nifty does not sustain above the 5210 mark conclusively, in which case the market will give up all the recent gain and find support eventually at 4950. However, on the flip side if it holds above the 5290 mark then it may rally up to 5440. However, technical parameters suggest a weak market in a truncated week. The market will remain closed on 5th and 6th April.
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