Market Outlook

F&O expiry, financial year end, headwinds emanating from the eurozone
in terms of the Cyprus bailout and its probable ramifications on the future
of Euro, lack of reform measures from the FM and the pullout of DMK
from UPA may all have weighed on the market sentiment causing Nifty to
trade at lower levels during the fag end of the March series.

But, going forward, a relief rally is quite possible just before the rolling out
of the earnings season.    In such a case, 5900 may be revisited on the upside.