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After a rally that lasted for about five months, the Nifty seems to be entering a bearish phase. The markets have been in a reactionary mode ever since, according to Arun Kumar, Market Strategist, Reliance Securities.
The rally continued for 107 sessions whereas the correction of about 80-85 percent has taken place within 26 sessions. What this means is that the correction has been quite severe. This indicates that the markets look shaky going forward. Arun Kumar told Moneycontrol that the weakness is expected to continue for a few months.The market is expected to bottom out between 10,000 and 10,200. If this happens, we may see a rally to somewhere to the region of 10,600 to 10,700. But the better scenario will be a good rally till 10,900. At this point we may see a second leg of correction which has a good probability of ending around 9,800-10,000, he added.