Adani Enterp. 1979.70↑87.55(4.63%)
Adani Ports 708.55↑17.55(2.54%)
Apollo Hospitals 4592.40↓-8.90(-0.19%)
Asian Paints 3141.95↑100.55(3.31%)
Axis Bank 896.25↑6.35(0.71%)
B P C L 373.25↑1.10(0.30%)
Bajaj Auto 4550.95↓-5.00(-0.11%)
Bajaj Finance 6658.70↑27.20(0.41%)
Bajaj Finserv 1416.35↑1.90(0.13%)
Bharti Airtel 788.85↓-7.20(-0.90%)
Britannia Inds. 4625.90↑20.95(0.45%)
Cipla 944.05↓-0.35(-0.04%)
Coal India 236.25↓-0.30(-0.13%)
Divi's Lab. 3330.05↓-95.20(-2.78%)
Dr Reddy's Labs 4533.45↓-333.85(-6.86%)
Eicher Motors 3398.10↓-18.65(-0.55%)
Grasim Inds 1772.65↓-1.75(-0.10%)
H D F C 2764.95↑12.30(0.45%)
HCL Technologies 1087.20↑8.90(0.83%)
HDFC Bank 1652.35↑0.25(0.02%)
HDFC Life Insur. 567.00↑4.35(0.77%)
Hero Motocorp 2585.35↓-0.70(-0.03%)
Hind. Unilever 2590.00↑67.30(2.67%)
Hindalco Inds. 420.50↓-15.95(-3.65%)
ICICI Bank 937.95↑1.90(0.20%)
IndusInd Bank 1183.80↑11.25(0.96%)
Infosys 1257.70↓-5.55(-0.44%)
ITC 420.20↓-5.15(-1.21%)
JSW Steel 710.40↓-13.95(-1.93%)
Kotak Mah. Bank 1956.95↓-1.75(-0.09%)
Larsen & Toubro 2244.45↓-120.00(-5.08%)
M & M 1250.10↑1.45(0.12%)
Maruti Suzuki 9255.00↑86.85(0.95%)
Nestle India 21997.40↓-52.60(-0.24%)
NTPC 179.50↑2.45(1.38%)
O N G C 167.45↑0.50(0.30%)
Power Grid Corpn 248.10↑0.45(0.18%)
Reliance Industr 2481.50↓-15.10(-0.60%)
SBI Life Insuran 1185.45↓-3.35(-0.28%)
St Bk of India 573.30↑1.10(0.19%)
Sun Pharma.Inds. 960.15↑6.35(0.67%)
Tata Consumer 787.40↓-3.75(-0.47%)
Tata Motors 510.50↑1.00(0.20%)
Tata Steel 108.45↓-0.80(-0.73%)
TCS 3280.40↓-6.40(-0.19%)
Tech Mahindra 1044.15↓-2.00(-0.19%)
Titan Company 2755.65↑10.20(0.37%)
UltraTech Cem. 7832.70↑89.50(1.16%)
UPL 682.35↑2.65(0.39%)
Wipro 384.45↑0.70(0.18%)

Markets in consolidation phase; prudent to book profit now: Analysts

Thus far in fiscal 2023-24 (FY24), the S&P BSE Sensex has moved up around 5 per cent to nearly 62,000 levels. The Nifty50 index, on the other hand, has gained 5.5 per cent to 18,300 levels, data shows

Puneet Wadhwa New Delhi

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4 min read Last Updated : May 11 2023 | 2:55 PM IST

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The markets may be entering a consolidation phase and are expected to trade sideways for now after a good run in the last few weeks, suggest analysts. In this backdrop, they suggest investors can book profits at the current levels and enter the market again on a decline from a medium-to-long term perspective.

Thus far in fiscal 2023-24 (FY24), the S&P BSE Sensex has moved up around 5 per cent to nearly 62,000 levels. The Nifty50 index, on the other hand, has gained 5.5 per cent to 18,300 levels, data shows.

“The Nifty has been continuing its upward momentum from April, surpassing the significant resistance level of 18,200. At the current levels, the key hurdle for the index is at 18440, which represents a 78.6 per cent retracement of the previous decline from 18,888 to 16,828. It is possible that there is some profit taking around this level. However, if the Nifty manages to break above it, there could be an up move towards the 18,630-18,