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Markets extended rebound amid volatility and gained over half a percent.  After the gap-up start, Nifty inched gradually higher however the existence of a hurdle at 20 EMA capped the momentum. Finally, it managed to close around the day’s high at 19,653.50 level; up by 0.55%. All key sectors contributed to the move wherein realty, financials and pharma were the top performers.  The broader indices also edged higher and gained over half a percent each.

The recent bounce has certainly eased some pressure but we are now again at the hurdle of the short term moving average (20 EMA).  We need sustainability above the same for a further recovery towards 19800 else the decline would resume. Meanwhile, traders should remain focused on stock selection and position management until we see clarity over the next directional move.