Nifty still continues to be in the range of 3800-4450. If it manages to close above 4450 for 2-3 days then the upside would be possible upto 5000.With crude falling and global markets rising since last two days, we may see more pull back. Market had fallen due to unexpected repo rate hike. The impact of that would definitely be negative but on the other hand Govt. is expected to announce banking, insurance and power sector reforms which may boost the market again.
With the announcement of reforms we are expecting markets to pull back 10-15% which would be an exit level taking decent profits in the short term.
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