Temporary market relief likely as desperate bulls defend crucial support level

The corrective phase of India's stock markets is expected to continue but a short-term bounce appears possible with bulls managing to defend the strong support of 22,800 points for a third time on Monday, according to market analysts. The benchmark Nifty 50 index recovered twice in the recent past from around that level despite relentless selling by foreign institutional investors (FII) on the back of global tariff tensions and rising US bond yields. On Monday, bears pushed bulls by breaching the 22,800 level initially, dragging down the Nifty 50 to 22,725.45 points. The bulls fought hard to retrieve that level,…