A morning walk down Dalal Street | Consolidation may continue; Nifty must top 11,695 for further upside
Episode 1717, Sep 25, 2019, 01:30 AM
Indian equity benchmarks ended flat on September 24, mostly on profit-booking amid uninspiring global cues, while investors assessed the impact of tax rate cut on different stocks and sectors after a two-day blockbuster rally.
The rally in equities ebbed after the two consecutive sessions of gains which saw the Sensex and Nifty surging over 8 percent and investors getting richer by over Rs 10 lakh crore.
While some consolidation was expected as the market is trading near peak valuations, analysts are of the view that it will offer fresh buying opportunities.
"The consolidation is healthy for the larger uptrend and will provide fresh buying opportunities. The consolidation, once matured, will make way for the next leg of the rally,' said Gaurav Ratnaparkhi, Senior Technical Analyst at Sharekhan by BNP Paribas.
The market will take directional cues from the upcoming September quarter earnings of corporates and RBI's monetary policy outcome on October 4.