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The Nifty50 has made an intermediate top near the all-time high levels in the range of 12,930-12950 over the past 3 days and witnessed profit-booking henceforth.
The index left four gaps over the past 2 weeks and we believe that it will revisit those gaps to test the previous top and 20-Day average levels.
The rotational move among various sectors is also over and we do not expect any sector to lead the up move from current levels.
We expect a corrective action over the next few weeks and markets to be volatile due to rollover movements in individual sectors and stocks with respect to derivatives expiry next week.
On the higher side, 13000 would act as strong resistance being the round number and highest call OI of 37.8 lakhs shares.
The midcap index also scaled to a 52-week high with strong outperformance in the current week and would continue to outperform the broader indices and largecaps.
The Nifty Media has been an underperformer in the current up move, but higher bottoms on weekly charts and trading above the long-term average suggest risk-reward in favour and a strong up move from current levels with a stop loss of 1380 levels.