Alex Mathew, head - research centre, Geojit Financial Services discussing the market performance of the day said, ``Nifty has closed above 4,500 levels due to weak crude and expectation of lower inflation to come. Once crude started falling below USD 110, strong buying emerged in sectors like banking and capital goods which were beaten down hardly by the market participants earlier. As Nifty has closed above 4,500, one can see Nifty testing 4,615 levels. Once that level has been breached, further uptrend towards 5,000 is possible.``

He added, ``Falling rupee helped the technology stocks. Rupee fell below 44.25 and is expected to test 44.5 in the short run.``

He further said, ``Crude is weak and is expected to test USD 99 and even it can fall further. Fall in crude and precious metals will cause strong rally in equity market which will cause switch over from commodities to equities. Funds and equities will focus much on equities in the near term where many stocks are trading at mouth watering prices.

He recommended saying, ``Banking stocks, ONGC, L&T, Technology stocks may move firm. IOC, BPCL and HPCL stocks will also gain momentum in coming days.``

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