Good amount of correction witnessed in March thanks to insipid budget, FII sale, slow down of GDP etc... Majority of Midcap and Smallcap stocks recorded their intermediary bottom on March 24.
Corporate results would be out in april, inflation taming started across the world in big way thereby containing the prices of commodities, US and Europe results would provide further writedowns thereby bringing some predictability of outlook.
Hence, my outlook for april month is consolidation and framing of intermediary bottom of Nifty around 4550 to 4650 levels and Sensex around 14500 - 15000 levels.
I expect market to stage a smart rally in april 2nd or 3rd week. Any further fall in indian stock prices could be curtailed by strong stocks like Hind Unilever, ITC, Reliance to a major extent. I dont expect Sensex to touch 13500 levels without these stocks falling heavily. Be very cautious while trading in commodities hereafter.
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