After enjoying a relatively smooth ride to 5000 (NSE Nifty), the market is likely to consolidate before deciding its next course of action. Having rallied so much in such a short span of time, the market does leave itself vulnerable for some pull-back. The fact that the quarterly results season is just round the corner would also prompt marketmen to take a step back temporarily. Most indicators are pointing to an overbought market. So, don't be surprised if there is some reversal in the near term. In any case, we have hardly gone through a meaningful correction since the rebound kicked off in early March. How sharp will the correction be is anybody's guess. Quite a few investors have missed the rally since March and are keen to participate. The downside will be arrested if the money waiting on the fringes makes its way into the market. At the same time, the prospects for further ascent too don't look all that promising unless companies announce blowout earnings. We maintain an overall positive bias and expect volatility to pick up. There might be small falls or brief period of consolidation, but long-term bulls should not get perturbed. Try and get out of weak stocks and hold on to fundamentally sound scrips. Next two weeks will be truncated ones. We have an F&O expiry next week, which heightens the possibility of intra-day gyrations. Results hold the key, so do global cues and FII flows. How the poor monsoon affect the economy and India Inc. is still a mystery. So, trade safely and enjoy the extended weekend.
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