Market Level of Nifty,Equity,Stock which could give up to 26% return

The Nifty continues to witness narrow range bound consolidation over the last seven trading sessions since hitting a life-time high of 9,709.

Structurally, this is seen as a healthy corrective phase as the index is gradually working off overbought conditions developed on the weekly stochastic oscillator after the five-week rally.

The entire up move since February 2017 has occurred in a narrow rising channel. Within this channel, intermediate corrective phases have not lasted more than six to eight sessions and price wise not measured more than 200 points.

In the present scenario with the 129 point cool-off from a recent peak of 9,709 already in place in last seven sessions, we believe the index will conclude current breather in next few sessions.

Time wise, the index has already spent seven sessions under consolidation while price wise it has not even retraced 38.2% of the preceding nine sessions up move (9,341 to 9,709).

The shallow price wise correction and extended time-wise consolidation highlights the overall robust price structure.

We expect the index to consolidate with a positive bias and oscillate between the broad range of 9,500 and 9,750 in the coming sessions while stock specific activity will remain in focus.

We believe the current consolidation will make the market healthier and create fresh buying opportunities. The immediate support base for the index is placed at 9500 region as it is the confluence of lower band of rising channel and 50 percent retracement of the last rising segment.

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