See further consolidation: Mohit Gaba

Technical Analyst, Mohit Gaba:

The Nifty opened a massive gap up on Wednesday after the surprise rate cut and then traded lower throughout the day closing at the lows about 200 point lower from the high of the day. The biggest contributor to this down move was the Bank Nifty, which closed 900 points lower from the high of the day, this is the sector which will benefit the most from the rate cut.

We saw a bit of recovery on Thursday however I believe we might see further consolidation/ correction on the Index in the coming weeks, thus the upside on the Index seems capped and there could be a possible down move towards 8800-8700 in the coming week or so.