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We started off well on Monday but similar to the previous week, the conviction was lacking in all key indices. We slipped into a consolidation mode for a couple of days which was then followed by a good upsurge on Wednesday, courtesy to IT and Metal counters. However, post the RBI monetary policy, traders chose to take some money off the table and in the process, all early week gains were erased to conclude with nominal gains, a tad above the 18550 mark.

It’s been a lethargic period for our headline indices; but there is no shortage of real action in the broader end of the spectrum. Individual themes continue to unfold one after another and stocks are giving mesmerising moves in the meantime. Traders should ideally focus on this and it’s better to stay light in index specific trades till the time the range breakout happens in key indices. As far as levels are concerned, 18500 - 18450 is to be considered as a cluster of supports, whereas on the other hand, 18680 - 18780 are to be seen as major hurdles. Hopefully, the global bourses provide the much-needed trigger for our market and then the Nifty can certainly challenge its record highs.