Key facts
- Nifty is trading in a consolidation zone between 23,200 and 24,050.
- Analysts recommend buying on dips with a target of 23,900.
- Banking and auto sectors are showing strength.
- Nifty closed 1.5% lower on Friday due to profit booking and MSCI index rebalancing.
- Analysts anticipate range-bound movement next week.
The Nifty 50 index is currently experiencing a period of consolidation, trading within a defined range. This suggests a pause in recent trends, with market participants awaiting a decisive move. Analysts are advising a strategy of buying on dips, indicating a belief in a potential upward movement towards a specific target, supported by the observed strength in key sectors like banking and automotive. The market saw a downturn on Friday due to profit booking and index rebalancing, but analysts anticipate continued range-bound movement.