Market Consolidates After Big Gains This Week; Choppiness May Continue For Next Few Days; New Trades Should Wait For Some Consolidation; Focus On Blue-Chip Stocks for Time Being.

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NIFTY: A gap up leads to another higher closing for the Nifty in last three consecutive days. It was a narrow range day (just 35 points) in the index that should be considered normal after a recent upside surge. Prices opened with a gap up but traded choppy in a narrow range initially. However, last hour rally took prices to day’s high and eventually closed near the highs at 8407.20 with a gain of 26.55 points. The market continues to be in short term uptrend. Though the momentum is not that strong but they do consolidate and even retrace after such moves. After an expansion period, we can expect choppiness and contraction. Today was that kind of day. We had suggested a target near 8400 for the short term and prices reached to that level today; hence all swing positions should be closed for now. We should consider blue chips for any trading and avoid the index till another expansion period.
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BANK NIFTY: Bank Nifty had a choppy day in the markets; prices opened with a minor gap up and crossed 18950 in the first half. However, some retracement in the second half made this day in to a choppy one. Eventually, index managed to sustain the gap up and closed near the day’s open at 18879.05. Yesterday we had anticipated some consolidation in the index which it came about. Today’s price pattern in Bank Nifty was a candlestick DOJI. The Bank Nifty has seen a move on upside and finally made a DOJI of some kind. The DOJI is a pattern where the opening and closing prices are almost the same, suggesting that buyers and sellers were equally matched and the market remained where it was from open to close. When a DOJI appears after an up move, it often suggests that at least in the short term, index become uncertain. When we are faced with uncertainty, we should be more careful in trading; so traders should avoid carrying positions (although we booked profit yesterday) and also avoid taking new positions for the time being.

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