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After a sharp correction seen throughout in the month of March, analysts feel that the Nifty could see a bounce back which could take the Nifty towards 10300-10400 levels. But, that would just be a ‘Dead Cat Bounce’ as the pain is not yet over.Bears ruled Dalal Street in the week gone by but this week could well belong to the bulls, suggest technical experts tracking the market. The Nifty50 which closed with a loss of 2.2 percent for the week ended March 9 but the pullback rally could take Nifty towards 10300-10400 levels, they say.
A large part of the decline was led by banking stocks as more bad news flowed into the sector. The banking regulator penalised four banks including State Bank of India (SBI) and Airtel Payments Bank for breaching RBI norms.
On the global front, the market sentiment remained weak amid weak global cues on the prospects of trade wars initiated by the US President Donald Trump which led to weakness in markets across the globe.
The BSE-30 Index dropped over 2 percent to close at 33,307 while the Nifty50 slipped by 2.2 percent for the week ended March 9. The index breached key support levels but managed to defend its 200-days exponential moving average which was placed around 10070.
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