After the euphoria, expect a correction

Bulls are back in the race, but supported by US Fed-sponsored crutches. The question is how far and how fast can they run in this state,” remarked a trader when asked about his views on Friday’s rally.

This perhaps sums up the mood on Dalal Street, even as it appears that the market could sustain the upward momentum for the next few sessions.

Brokers say the mood on the street is one of healthy scepticism, and that covering up of short positions alone can take the market higher. Given that the macro environment still appears precariously poised, it is doubtful that investors would be keen to buy at higher levels.
We expect the markets to be in the range of 14,000-15,000 levels with the global news flow still being the deciding factor.