Nifty to test 4970 by April: JM Financial

Here are experts equity calls for the day on how the markets are expected to trade:

Gautam Shah, JM Financial: Technically, there is now enough confirmation that the final phase of the downtrend is underway. The choppiness within a range in the recent past was just another "distribution" phase where the Nifty kept correcting from the 5550-5600 resistance zone. We continue to believe that levels of 4970/16500 should be seen by April.

Christopher Wood, CLSA: Greed and Fear maintains the view that the stock market fallout from the natural disaster constitutes a major buying opportunity in Japanese equities. Japanese corporates have proven they can live with a stronger yen and there are clear indications that Japan has commenced a new property upturn which increases the collateral value of the banking system.