Mkts to consolidate this week; trend remains positive: Experts

Mkts to consolidate this week; trend remains positive: Experts

Mkts to consolidate this week; trend remains positive: Experts

Domestic stock markets, which are at record high levels, may see consolidation in the coming week even as the underlying sentiment is expected to remain positive, say experts.

In absence of any major domestic factors, stock markets would track global cues, investment by overseas investors, movement of rupee against the dollar and crude oil price, they added.

The BSE Sensex closed last week at 28,046.66 after logging a smart gain of 178.03 points. The CNX 50-share Nifty rose 52.90 points to conclude at 8,389.90, after crossing the key 8,400 level during the week.

Notwithstanding the strong upmove in the market, caution is likely to prevail in the equity market ahead of the Reserve Bank of India's monetary policy review on December 2, traders said.

With July-September earnings season almost over, investors would focus on foreign fund flows, they added.

"Focus would again shift to global markets, progress on reforms and RBI monetary policy," said Sanjeev Zarbade, Vice President- Private Client Group Research, Kotak Securities.

Markets would also eye the month-long winter session of Parliament that will start on November 24 and conclude on December 23.

"We reiterate our positive view on markets and believe that this consolidation would end with an upside breakout in the coming sessions," said Jayant Manglik, President-retail distribution, Religare Securities Limited.

Angel Broking said it maintains positive stance on the market and continues to expect the Nifty test the near term targets of 8500- 8550. Traders are advised to stay with the flow and avoid initiating short positions, he added.

At the global front, Japan would report its preliminary gross domestic product data on Monday. The US Federal Reserve would on Wednesday release minutes of its October policy meeting.