New Delhi, April 28 -- Dear reader,

Last week, I wrote that follow-up buying would be required to keep the upward momentum alive. The market internals indicated a possibility of bullish dual pressure. Dual pressure occurs when bulls buy out of a force of habit, and bears cover in fear of bigger losses. So both sides buy in concert, and prices jump exaggeratedly. We saw dual pressure in the first half of the week. The tragic terror attack in Pahalgam marred the second half. Traders went on the back foot as sabre rattling by both nations unnerved sentiments mildly. But for the attack, our markets could have closed higher. We saw nervous selling at higher levels, which capped gains.

This week, we may see a tug-of-war between bulls and bear...