A morning walk down Dalal Street: Stay cautious & avoid entering fresh positions

What a day for the Indian market! Bulls have taken complete control of D-Street as Sensex hit a fresh record high of 37,533 while Nifty rose above 11,300 levels for the first time to hit a record high of 11,328.

The street ramped up PSU Bank stocks and the industry facing private sector banks after results from Bank of Baroda and ICICI bank enthused investors. 

The most positive development, however, was the advances outnumbering declines for the sixth day on the trot, a phenomenon, which the markets have not seen earlier in 2018.

Overall, the markets have resumed the inherent uptrend, and the momentum looks like it is here to stay in the near-term. 

Analysts advise investors to remain cautious at the current juncture and would not advocate entering fresh positions at this point

For today, investors will also keep an eye out for the Federal Reserve's Federal Open Market Committee which will embark on its two-day meeting on Tuesday 

On the macro front, the government will release infrastructure output data for the month of June on Tuesday .