In the short term market seems to have reached the top end of the range. The index is likely to remain sideways and consolidate in these levels for some time. Sectorwise rotation is likely to generate buying opportunities. Q1 results by and large got down well with institutional investors. Ideally a correction around these levels would not only generate good buying opportunities but would be very beneficial for the overall health and sustainability of the markets. Sustained economic and corporate profitability progress, good monsoon and continued foreign inflow of funds augur well for the medium - long run. Though a correction in the near term cannot be ruled out.
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