Is the market set for a correction after 8 days of rise?

By Saikat Das

Benchmark indices stretched their winning streak to the eighth straight session on Friday, and have now risen 9% in less than two weeks. The pace and timing of the rally has taken most players by surprise, and while the consensus view is no longer as bearish as it was at the start of the month, few are betting on big gains from current levels.
If anything, the odds are on the market correcting as the new financial year gets underway.
In the last couple of sessions, the broader market was clearly showing signs of pressure even as benchmark indices were rising. This apart, the 1600-plus point rally in the Sensex was not backed by strong trading volumes, leading many to doubt if the rally can be sustained.
Traders expect volatility to rise from April 1 as the new stamp duty structure in the state becomes effective, as trading volumes could shrink on lower participation from day traders. Under the new rule, all class of investors will be charged a flat rate of Rs 5 per Rs 1 lakh of transaction. This will squeeze the profitability of jobbers