Today, we expect a soft opening as global equities are mixed. A close above the year’s high (around 5182) for a few days is needed for a further advance. Till then, the key indices will remain sideways and mostly subdued. Support may kick in at 5030-50. Further selling is not ruled out at higher levels but the same is unlikely to be too savage.Bourses are unlikely to see fireworks of the kind Brabourne Stadium witnessed on Thursday where India posted its highest single-day score in Tests. Stock markets are not for just a day’s record anyways. After a strong pull-back from last week’s selloff, the momentum appears to have dipped a little.
Every time, the bulls have tried to move towards the year’s peak, they have met with some resistance. Similarly, the market has found support after a small correction. In short, we are in a volatile consolidation phase after the astounding rally from the troughs of March. This trend is likely to prevail at least this month, with the sentiment driven mainly by global cues. The market will continue to move in a range of 4800-5200.
