Market has so far sustained the spectacular rise seen over the last couple of weeks. However, headwinds in the form of tightening liquidity and deteriorating situation in the Middle East would put pressure on stock prices in the days ahead. Hence the upside in the near term looks capped. Also since the rise has been on the back of significant buying from FIIs we do not expect a major downside from the current levels. In all likelihood markets will remain range bound with action shifting to the mid and small cap counters.
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