The broader index continues to consolidate after hitting 18 months high last week helped by overseas inflow. Today the index opened flat and oscillated inside a tight band of 48 points. The market was choppy and shares swung between gains and losses. At the end it formed a long legged doji like pattern. The traders realized that the price was pushed down to unjustifiably low levels. Hence, they took the price level back to where the index opened. Though it could not hold 8750 level due to selling in bank and auto stocks which capped the upside. The underlying velocity of the trend remains weak. As of now it has a possibility to consolidate ahead of Fed Reserve’s 2 day policy meet next week.
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