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"There is a mild risk-off in equity markets globally as reflected in the rising dollar (dollar index at 92.80 now). The sell-off in Chinese tech stocks on Beijing's regulatory crackdown has triggered concerns about whether this sell-off will spread to other segments. China is too big now. It can cause flutters in global markets. This space needs to be watched cautiously. The Nifty range 15600 - 15900 has become strong with sustained FII selling around 15900 and strong retail & DII buying around 15600. This range is likely to hold for some time.

A significant trend in the market now is sectoral shifts. Yesterday there has been across a board selling in pharma stocks. Profits booked in this segment is moving into other sectors. The relative outperformance in front line financials indicate a sectoral shift"

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