Weekly Market Outlook by Mr. Rakesh Tarway, Head of Research, Reliance Securities.
'We continue to maintain a positive bias on markets but there is likelihood of some amount of consolidation at current levels after a sharp run up across indices.
The option data also continues to suggest a strong support at 8,800-8,900 strikes with an OI of 5.5 million shares. The trend reversal level will be trigger only if 8,900 on NIFTY is taken out. We cannot rule out a sharp profit taking in case Nifty reverses below levels of 8900.
INR has appreciated to almost 18 month high on the expectations of strong reform process, which will keep government's balance sheet in good shape.'