Friday’s upmove was because of some buying interest and a lot of short covering, but added that the momentum favoured the bulls. “This market has had plenty of opportunities to correct to 4,500 levels over the last week,” adding that the market never corrected significantly despite bad news and that a lot of people were sitting on the sidelines. “If there was any correction to 4,400–4,500, it will be quite aggressively bought into. I am not convinced that we are going to slip down to 4,200–4,300 levels in the short term unless you have some real bad news coming globally.”
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