Any close above the 200-day average would see some movements in the smallcaps and midcaps.
The market witnessed a good amount of pullback on the first trading day of the week. It closed near the 200-DMA at 10,760 level, up about 82 points, said Vikas Jain, Senior Analyst at Reliance Securities.
We have been banking strongly on a positive upmove and the market has responded in keeping with expectations. We continue to believe that the market will further rally, he said. Any close above the 200-day average would see some movements in the smallcaps and midcaps, he added.
On the higher side, 10,850-10,930 will be probable targets for the Nifty. On the downside, multiple support continues to exist near 10,600.
The short-term trend will turn negative if 10,550 is breached. It should be the immediate stop-loss for short-term traders, he said. Nifty Bank is expected to maintain 26,800-27,100 levels.
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