Posted By : Kishore B.S
The market is in an oversold region. So, further rally is not ruled out. The petrol and diesel hike has led to a rally in the oil and gas stocks. The bank nifty is also showing strength with majority of the stocks bouncing back.
European and US futures are pointing to a 1% gain. So, more support is expected from that side. However, Nifty has huge resistance around 5550. So, any new long should be initiated with caution.