Market makes smart gains: How long will the rally last?

Indian equity benchmarks sustained their upmove for the third consecutive session on Thursday, with the Sensex gaining more than 500 points in three days.

Rally in financial, infrastructure, metal, technology and select auto companies' shares supported the index to add nearly 145 points in today's trade. The Nifty closed above the 5500 level for the first time in last six sessions. The 50-share NSE Nifty gained 42 points at 5,522 and the 30-share NSE Nifty jumped 144 points to 18,350 despite rise in crude oil prices on the NYMEX to USD 106.52 a barrel, with gaining 0.73%. Sameer Kamdar, CEO, Ask Investment Managers says that until and unless there are any major triggers the market is unlikely to stray away from the current band of 5200 to 5700. Kamdar feels that a large part of the downside has been priced into the market. He sees some value buying at all lower levels. Kamdar explains,