The Nifty closed with a loss of 15 points at 10,410 near its 100-day exponential moving average (DEMA) on Wednesday. But, the big takeaway was that bulls managed to narrow losses towards the close of the session.

In last five sessions, Nifty has retraced 61.8% of earlier six days fall, indicating weak pullback, and suggesting a round of a couple of day’s consolidation in a range of 10300 – 10450 levels.

The Nifty witnessed a symmetrical and V-shaped recovery in the second half. Technically, nothing has really changed from Monday onwards. Till last week, the markets seemed pretty balanced but with a slight negative bias.

“The current up-move puts the bulls at a slight advantage. However, the same needs to be taken with a pinch of salt. The markets have recovered from the 200 DMA placed at 10131, and the recovery seems to now eyeing the 100 DMA,” GEPL Capital said in a report.

“The pull-back indicates a bit of respite from oversold territory and that has to be considered with a bit of skepticism. CAUTION is the name of the game with a wait and watch, the precursor,” it said.

Dharmesh Shah – Head Technical at ICICI Direct.com Research advised buying Titan Company with a target price at Rs 1,048 per share, Godrej Properties with a target price at Rs 850 and NCC with a target price at Rs 147.