The Nifty medium setup continues to remain positive with buying on dips advisable. This sentiment is further bolstered by weekly support currently placed at the 16800 level.
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It is expected that the index will reach 17500 or 17700 on the higher side. However, the index will likely consolidate some more before changing directions.
The energy, and banking sectors are currently providing attractive returns, while the auto and BFSI sectors are underperforming.
Inputs: Sahaj Agrawal, Head of Research, Derivatives at Kotak Securities Ltd.
