After last week's euphoria, markets have started the week with some profit booking. But, could this be the start of a much anticipated consolidation or just a blip in the larger uptrend?
Read on to know what Kunal Bothra, Technical Analyst, LKP Securities has to suggest
Nifty has slipped below 6,300 levels in today's trade. Do you see this as the beginning of a consolidation phase?
I think, the first look at the internals of the markets suggest it could be profit booking into the markets. FMCG Major ITC and stocks like TCS etc are contributing the highest negative points. 6220 is a strong support for Nifty spot, and till that level holds, one can maintain long positions.
ITC has been on a correction mode over the last five to seven trading sessions. Do you see this as an opportunity to buy into this space?
