Pri Market Commentary ...

Today, we expect the indices to remain rangebound and choppy for most part of the day ahead of the announcement of the inflation numbers after market hours. While the Indian bourses saw late profit booking, the Dow Jones opened weak and notched up some gains to close almost flat overnight. This may lead to a flat opening on the bourses today.

Though volumes have risen over last few trading sessions there is still lack of conviction among the participants at higher levels. Nifty has rallied by almost 20% in the last three weeks. The bulls may not have much to cheer about in the near term. There could be an occasional pull-back every now and then. But we expect Nifty to consolidate in the near term.