Let's not get carried away! Market still in dire straits

Moneycontrol Bureau

There is no downtrend without a pullback and that's what happened today. The market recovered some ground after seven days of despair. The pullback rally lost some steam mid-session, but frontline indices managed to close with handy gains.
The Nifty gained just over 30 points to close just above the 4,800 mark, while the Sensex ended the session at 16,065, up 120 points.
Truth be told, the market had gotten very oversold