Epic Nifty Update

The Nifty closed above its 200 day moving average of 5656.Emerging markets (EMs) generally have been falling predominantly because of the commodities slump that is happening across the globe. India is kind of rallying from around 5,500 to 5,700 predominantly on expectation of some kind of rate action on May 3. We think this outperformance relative to EM should continue at least for the next couple of weeks. Broadly we think market should be at around 5,700 for the next couple of weeks .

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