Nifty Outlook:
Finally, after a consolidation of nearly three to four weeks, our markets showed some encouraging movement as we saw the Nifty marching towards its record high of 10,137.85. In fact, couple of valiant attempts to traverse this hurdle was turned down. Eventually, the Nifty managed to close firmly a tad below the 10,100 mark. The kind of activity we are observing since last three days is quite obvious as traders seemed a bit unsure whether the market has that much strength to cross record highs or not. Hence, the next round of momentum in the upward direction is possible only after surpassing this hurdle. Until then we are likely to witness a similar kind of uncertainty in a range of 10,000-10,138 with slightly higher volatility. A sustainable move below the 10,000 mark would apply brakes on the recent optimism. At present, one needs to closely keep a track of these important levels on the index and meanwhile, keep focusing on individual stocks in order to obtain better trading opportunities. A prudent strategy would be to stay light on positions and should ideally be prepared with a proper exit strategy.
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