A morning walk down Dalal Street: Stay cautiously optimistic, focus on stock specific opportunities

A day of consolidation for Indian markets. The S&P BSE Sensex which hit a record high of 37,876 but failed to hold on to gains and closed 26 points lower at 37,665 while Nifty rose to a high of 11,428 and closed just 2 points higher at 11,389.

The index is witnessing selling pressure at higher levels which hints at some more consolidation at higher levels. 

For the upside to continue, most experts feel that a decisive breakout above 11,500 is required.

Bulls are advised to remain cautiously optimistic and to shift their focus on stock specific opportunities. 

On the downside, if indices trade below 11,359 in next session for at least one hour then correction shall get extended initially towards 11,280, suggest experts.

In the primary market, CreditAccess Grameen IPO to open on August 8. The company has fixed a price band at Rs 418-422 per share for the issue which will close on August 10. 

CreditAccess Grameen is focused on providing micro-loans to women customers predominantly in rural areas in India. It provides loans primarily under the joint liability group (JLG) model.