Market faces hiccups: Will this block its upward tread?

The party on Dalal Street seems to be getting over as indices remained in consolidation mode for the second day in a row on Wednesday closing in the red. The Nifty gave up 5,900 dropping 18 points to close at 5,891 while the Sensex slid 75 points to shut shop at 19,612.

So is it time to consider this as the beginning of a downturn or is it just a pause before the market shoots up again? "The rise has been so swift with such huge magnitude that there could be some hiccups. A fall of maximum 100-150 points on the Nifty in the next two months is expected. But otherwise it seems that the Nifty is headed to 6,250-6,300 levels," Dilip Bhat joint managing director of Prabhudas Lilladher said. However, he believes that the Nifty hitting 5,500 by the end of this year is not impossible. For now, things appear stable to Bhat. "Crude prices, food inflation figures, interest rates fears, all seem to be under control. Also the multiplier impact on the economy through guidance given by some of auto majors will ensure that the overall growth rate of the economy still continues to be pretty healthy