Market slipped into a consolidation mode, keep focusing on individual stocks
“Despite favorable cues from the global bourses, our markets opened on a muted note and then consolidated for the remaining part of the day. The Nifty oscillated within a very small range of 42 points; whereas, the broader market participation was immense throughout the day.
Today’s lackluster movement was no surprise to us as we have been mentioning the possibility of some consolidation in our benchmark index since last 3 – 4 days. Now, since there is no change in the chart structure, our view remains the same. We expect the index to remain within a range of 10150 – 9944 for a while and hence, one should ideally continue focusing on individual stocks that are offering much better trading opportunities. Within this range, intraday support and resistance is seen at 10020 and 10090, respectively.”