Recent rally was a short term bear mkt rally
2009 March 30
CK Narayan of ICICI Securities said that he tags this rally as a short term bear market rally. He is convinced about October low as the bottom for the market.
He said that the markets are generally taking cues from global markets. Volume and price expansion is common in bear markets. He expects the markets around 3400-3500 levels by June. For 2009, most of the global markets have put in a low. Performance of developing/emerging markets could be better than developed markets in 2009, he added.
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