Nifty strong amid tight range; RIL, TCS, ONGC, Infy lead

The benchmark Nifty was still holding the 5450 level amid a tight range of 5450-5488 since morning. Heavyweights like Reliance Industries, TCS, ONGC, Infosys, ICICI Bank, Bharti Airtel and Wipro were helping indices in today's smart recovery - gained 1.5-3.5% at 12:18 hours.

The rally was led by short covering after the sell-off seen in previous five sessions due to inflation worries and Egypt concerns.

However, experts still expect some more correction as they believe that the central bank RBI will hike interest rates further this year.

Sandeep J Shah, the CEO of Sampriti Capital said that he sees a market correction around 20% in 2011. "In the beginning of January, I had mentioned that unlike 2010 where we had just seen 10% corrections it