After a six-day rally, the Nifty consolidated today and ended flat at 7,914. This has led analysts to believe that a short-pause may be on the anvil.In an interview with CNBC-TV18, technical analyst Ashwani Gujral said short term traders should book profits as the Nifty nears 8,000.Rahul Mohindar of viratechindia.com said the market may undergo a "healthy correction" and said he would surprised if the Nifty drops to the 7800.
With Bank Nifty leading the charge today, Mohindar expects public sector undertaking (PSU) banks to continue their rally in the short term, from a 2-3 week perspective.
Metal stocks have rallied sharply and steel companies have witnessed relief with the government’s intervention but Anand Tandon said he was skeptical, adding that he more pressure on steel prices will come back if China increases it exports again.
Market expert Ambareesh Baliga said that the steel scenario has not changed even though the worst may be behind and views aluminium as a good bet in the metal space.
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