Today, the same holds true for stocks right now. The bulls appear to be suffering from some fatigue following a stellar rally from March lows. Notwithstanding the euphoria surrounding the Dubai bailout and US banks repaying federal aid, the market is likely to remain choppy. The Nifty will continue to struggle to pierce 5200, at least for the time being. It may however manage to cross that barrier before the F&O expiry. In short, the consolidation phase is likely to prevail in the near term with a positive bias. Future advance will face hiccups at regular intervals as bulls lack conviction.
Stay tuned to the latest events – local as well as global. Stick to stock-centric action. The advance tax numbers will have impact on specific stocks. We see a flat to cautious start as Asian markets are subdued. Trading will swing to the beat of global cues. The Fed will start a two-day policy meeting today. Industrial output data for the US will be released later today. The UK CPI report is also due out today.
