We expect a positive start, thanks to the overnight rally on Wall Street. Things may turn sideways and lackluster as the day wears on. Taking a broad call on the market as of now is not warranted given the murky outlook and the fact that we are still in the middle of the earnings season.Optimism among global investors has returned to the pre-financial crisis levels, says a recent fund manager survey adding that investors are taking on above-average risk for the first time since 2006.
Derivatives indicators are pointing to some weakness though a big crash is not on the cards. The near-term range for the Nifty could prevail at 5200-5300. However, there is no guarantee that 5180 will not be broken. A big positive move out of the current range will be possible, provided the global cues remain healthy and the RBI doesn’t spring a negative surprise.
