The consolidation continues in our market as we almost witnessed a replica of Wednesday’s session. The benchmark index opened tad higher and then corrected sharply to test the previous day’s low. However once again a modest recovery in the latter half pulled the index higher to close on a flat note with very nominal gains.
Market is repeatedly proving its strength as we have seen a complete reluctance of getting corrected on a sustainable basis. All intraday dips are getting bought into which is a sign of a strong trend and we have been consistently advising the same. Going forward 8820 remains to be an immediate hurdle and surpassing this point would extend the rally towards the next milestone of 8900. On the downside 8707 – 8685 has now earned tremendous respect from the bears. Despite a small dip we would interpret this as a part of a consolidation phase and hence traders should keep following stock centric approach with a positive bias in order to fetch good returns

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