Market May Get Consolidate Tomorrow

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Looking at Nifty Technical Charts, the short term indices are getting stretched. The up move has been going on for the last 7 sessions now and that makes it ripe for a short halt. We expect a minor consolidation in the trend over the short term. However, the medium term trend remains firmly robust and possibilities of a further extension of the trend are very strong.

The potential for Nifty to reach 6,200- 6,300 over the medium term remains open. The NSE Mid Cap index too stays in line to reach 10150 over the medium term. We continue to be firmly bullish on the market and expect more upsides over the medium term. The short term may however, generate a short correction which we believe can be an excellent opportunity to buy into stocks. The market is likely to face resistance around 5,900 level and may get support around 5,600.

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