Broader trend is up but the strong rally is expected to fizzle out shortly followed by a correction.
Advance decline was flat even as VIX jumped by 6%.
The correction is serve to form a higher swing low. Note that I have no time frame for this but this should happen in next few weeks.
Support on the downside exists at 6400 and then 6200.
The markets will continue to remain buy on dips and action is likely to be stock specific. So you can expect sectoral rotation of stocks with some sectors being down while others start moving. For eg., we are seeing weakness in IT and Pharma and strength in banks.
Advance decline was flat even as VIX jumped by 6%.
The correction is serve to form a higher swing low. Note that I have no time frame for this but this should happen in next few weeks.
Support on the downside exists at 6400 and then 6200.
The markets will continue to remain buy on dips and action is likely to be stock specific. So you can expect sectoral rotation of stocks with some sectors being down while others start moving. For eg., we are seeing weakness in IT and Pharma and strength in banks.
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