Broader markets consolidated in a range for a second week
Equity benchmarks on expected lines witnessed breather as it traded in a range and closed almost flattish for a second consecutive week. Nifty closed the week at the 11895 points level.
Broader markets for a second week in a row consolidated in a range as the Nifty Midcap index closed marginally higher by 0.5 per cent whereas the Nifty small-cap index closed lower by 1 per cent.
It is being expected that the index may continue with the current consolidation in the coming week in a range of 11700 points to 12000 points.
It is being believed that the current breather should not be suspected as negative but should be capitalised on as an incremental buying opportunity in the quality cyclical stock.
Nifty has not corrected for more than two consecutive weeks since August 2019. In the current scenario, as the index has been correcting over the week, it is being expected that the temporary breather may find its feet around 11700 to 11600 points level.
Going ahead, experts expect that the Nifty midcap, small-cap may relatively outperform benchmarks, as it has been seen significant improvement in market breadth of Nifty 500 universe over past two months.
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