The market came back to its bull run again in the previous week with a quick recovery. Volatility remained high during the past couple of weeks. However, the intensity of the rise raises some doubts about the sustainability of these gains. The long-term outlook though looks strong, but in the short-term, the market has been moving somewhat unpredicted. However, the momentum indicates a different scenario. Q1FY09 result by Reliance Industries would be a major event during the coming week for the market to get some short-term direction. Global cues, on the other hand, have been supportive and some weakness there can trigger a downward correction. Overall, initially the Indian market in the coming week is likely to remain strong. However, some profit booking is likely to happen during the latter part.
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