After hitting record highs in the week gone by, Nifty consolidated at higher levels. However, stock-specific actions continued and mid and smallcap counters outperformed the frontline stocks.
On the derivative front, both Call and Put writers were seen active at 17,400 strike which points that the market is likely to remain sideways in the coming sessions.
On the technical front, secondary oscillators are pointing towards further consolidation.
For Nifty, 17,250-17,200 zone would act as strong support with bias likely to remain in favour of bulls.
For Bank Nifty, the level of 37,000 will act as a strong hurdle as of now, above which, we can witness the next round of short-covering by Call writers.