The market attempted slight recovery on Tuesday, however, it lost steam quickly. Udayan Mukherjee, managing editor of CNBC-TV18 feels that overnight gains in US market, some retreat from Greece and Asian equities also trading in the positive terrain may serve as positive triggers for the Indian market.
"Tuesday's sputtering pullback might gain some momentum in today's trade and will take the Nifty above 5300 levels, which the 50-share index is struggling to breach," he said, adding that the midcap counters' spread down contributed to the free fall.
According to him, broader market has been showing distinct signs of nervousness in the last couple of days and slight recovery seen in the previous trading session was not great either. He points out that the wide-based index Nifty just managed to stay afloat; whereas individual names in midcap stocks and non-index large-cap counters bore the brunt of sell-off and spoiled investor sentiment.
On the zones to watch out for on the Nifty, he stated, "It is possible that the 50-scrip index might pullback a bit more, say, another 50-75-100 points is not out of the realm of possibility, but the conviction may wane if global rally doesn
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