Last week, the market reportedly ended with an additional 1.60 percent compared to the previous weekly close.
However, all attempts of trade barriers to take control of the market turned out to be unsuccessful without much impact.
Further, the market slipped into a consolidation mode inspite of experiencing initial stagnation around highs and therefore unwilling to surrender.
The range of 15,300 – 15,000 is expected to be crucial as a breakout on either side should ideally determine the direction.
Moreover, aggressive participation is sought to be avoided if there is an upside breakout since Nifty won’t be going beyond 15,450 – 15,600 in the same leg of the rally.
It is therefore advised to book profits only if Nifty enters this mentioned zone for the above mentioned reason.
On the other hand, the action below 15,000 would be an interesting one to participate in.
For getting an idea of where the market is heading in the near term, the next couple of sessions are considered to be quite critical.
Currently, a healthy profit-booking towards an estimate of 14,600 – 14,400 cannot be precluded any time soon.
Accordingly, an ideal plan of action would be to wait for a definite trend deciding action before one decides to look for placing aggressive bets.
Also, only stock-specific activity was seen in the market last week, but there was nothing convincing enough about it.
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