It would be result, stock specific day for market

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Lot of results are coming in today and many lined-up for the week. The first part of this week is focused on dealing with lot of individual stock specific news because global cues are flattish, said CNBC-TV18's managing editor Udayan Mukherjee. There is nothing terribly bad or good in the environment, which could swings us one way or the other. So, may be we are looking at a slightly more result and stock specific kind of market as trade opens up today.

We are starting the week with an earnings bang, but the Greek vote is done and it looks like Greece is not going to be a market breaker. It is unlikely to provide any kind of great positive impetus to the market at all because it has been discussed ad nauseum for the last couple of weeks. The market is pretty much priced in good and bad scenarios.

The austerity package has been passed, but one can see the kind of unrest that is unfolding in Greece. So, it has huge implementation challenges and also ramifications for that economy. Given all of that, I doubt whether the markets are going to take away a hugely positive or negative leaf out of it. It might trigger in some over due consolidation in global markets, that is possible but I don't think it is a global market breaker.

We are in that stage where all markets have had a very good rally. We are coming to that point of introspection and where people say prices have moved up, we now need to sit back and take stock of the data, where prices have reached. We need to spend a few weeks just digesting the gains made in the first part of the year and India might fall in line as well.

We are running into some resistances. We dithered a little bit around 5,400 levels, closed above that and then retraced a little bit on Friday. One can sense that there is a little bit of sluggishness, tiredness and a little lack of momentum also creeping back into the market. So, I don't know whether this calls for some consolidation, which is quite likely.