Nirmal Bang is of the opinion that the market has already peaked and a correction is overdue for quite some time.
We believe that markets would slip down a bit and consolidate in the range of 4,850-5,060 for some time to gather fresh momentum. Markets have already peaked and correction is overdue for quite some time. The dollar is likely to rebound which could gave a great impact on the commodity stocks and there is a possibility that we could see the markets softening a bit.
For the very intermediate term 4,910-4,900 with be the crucial point to watch out, if this level gets broken with huge volumes then we could even test 4875-4810 where second leg of support exits. And on the higher side 4,980 should be crossed and sustained for fresh positive momentum to begin, the report said.