New Delhi, Nov. 2 -- Last week, I wrote that bullish efforts could fall short, as I did not expect the markets to rally significantly. Read it here. The markets proved me wrong for the second week in a row. The Jio IPO factor I wrote about in the prior week seems to have played out a week later than I anticipated. However, the statistical weight of evidence still indicates it is premature to uncork the champagne just yet. The overhang of overhead supply-selling by trapped, weaker hands at breakeven prices-remains a significant near-term worry. Unless this potential pressure abates, I will prefer to sit on the fence and wait for clarity to emerge.

The approaching festive season is another minor feel-good factor to consider. What is known ...