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Market rebound: Short-covering, or is the worst behind us now?

The weekly F&O data also highlights significant build-up in open interest at the 17,700 Put, suggesting likely support at this level.

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3 min read Last Updated : Apr 04 2023 | 11:32 AM IST

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The NSE Nifty 50 index has rallied over 3 per cent from its recent low of 17,255 registered on February 28, 2023. The pullback has been fairly sharp in the last two trading sessions, as global cues also turned favourable.

Technically, the Nifty 50 has now bounced back for the second time in less than six months after breaking the 200-DMA for a brief period. First at the end September 2022, and then the recent instance.

"The trend reversal in Nifty led by banking and metals has more legs. When the market gets oversold, as happened in recent weeks, the bounce back

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