Equity benchmarks have been oscillating within last two weeks’ broad range of 10600-10300, indicating consolidation after the recent sharp decline of 8%.
The index rebounded from the oversold territory and is under the process of forming base near the lower band of broader consolidation range around 10300.
Going forward, we expect the market to consolidate and form a good base in the range of 10300–10600. However, we believe this consolidation will make markets healthier and offer an incremental buying opportunity, said Dharmesh Shah of ICICIDirect.com Research.
On the F&O expiry day, both the indices closed with a marginal loss. However, on Friday the indices closed with 1 percent gain.
In the last week, Nifty50 gained 38.75 points, closed at 10,491.05 and Sensex was up 131 points, closed at 34,142.10.
The foreign investors sold equities worth Rs 5781.98 crore. However, domestic institutions bought Rs 5972.69 crore worth of equities in last week.
India's volatility index (India VIX) shed 13.3 percent last week. S&P BSE Midcap index was down 0.24 percent, S&P BSE Smallcap index was down 0.22 percent, while S&P BSE largecap index was up 0.29 percent.
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