Will markets have another day of consolidation?

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It has been a good week so far - the first three days were extremely lively, yesterday, the markets paused a bit and who knows if it will pause some more today because there are no great cues.

We have come to a certain level, US markets are shut, the energy to move on much more from here on may be just lacking or maybe Friday will surprise and we will move up once again and close the week in style.

People are quite busy with rolling over to the December series; one should remember that November is been a fairly heavy series for the market. So there is lot of energy and attention to just getting things sorted out from moving November to December.

It is an interesting market, very lively but let's see if we have another day of consolidation before we move forward once again. It is a terrific week, one can just hope that we do not lose too much ground today because a flat day would be fine. This has been the pattern for the market - it goes up when it has to go up, it goes up very fast in two-three days and then it cools off for a bit.

So today, in the absence of any other triggers, we could have another day of consolidation, probably give up a little bit or just flatten out. Though I think the bulls will probably try, at some point of the day, maybe early or maybe late to push it up a little bit and have a very good weekly closing. This could set the tone for the next week because it is the F&O settlement week as well.

So I do not know whether it is 70-80 points up or flat for the day or 30-40 points down, it does not mean too much. It is unlikely that will probably blow out today, and it is unlikely that it will fall or slip too much. My guess is that we will probably trade in a 100-point kind of range for the Sensex today but one should be prepared for surprises. Just when you think it is going flat, the bulls come back roaring, so be prepared for surprises. But otherwise, one would have to predict another day of consolidation.

Contd on Pg 2....